In a move aimed at helping more people avail the benefits of health insurance, the Insurance Regulatory and Development Authority of India (IrdaI) has said that customers will be allowed part payment of health insurance premiums. At present, customers have to make a single annual premium payment for any health insurance scheme unlike life insurance products which allows Equated Monthly Installments (EMIs). However, for health insurance products, customers will only be allowed part payments and not EMIs.
The facility is likely to be extended to customers paying for car insurance premiums as well.
The absence of the part payment option is seen as the main reason for India’s poor medical insurance penetration.
However, the IrdaI has said that insurance companies need to apply for approval of schemes allowing the customers to pay premiums in part.
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