Monthly Health Insurance Plans in India

While health insurance plans in India are offered annually, people find it hard to pay the whole premium in one go. To overcome this, health insurers have also introduced monthly health insurance plans in India, offering more financial flexibility and affordability to the policyholders. Read on to learn more.

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      Benefits of Opting Monthly Health Insurance Plans

      Below mentioned are some benefits of opting for monthly health insurance plans:

      1. Flexibility in Payment

        Monthly health insurance plans provide flexibility to those who may not be able to commit to an annual premium payment. By paying the premium monthly, individuals and families can better manage their finances and won’t be burdened to pay the entire premium in one go.

      2. Convenience

        Monthly premium payment eliminates the need for arranging a higher amount of money to pay the whole premium in one go. This gives a huge relief to a large section of society, particularly those who may face financial constraints. Such people may prefer to pay for their insurance policies monthly, which is more convenient.

      3. Continuous Coverage

        Opting for monthly health insurance plans ensures continuous coverage and ease of renewals. With annual payments, people may face the risk of missing their renewal dates, leading to a lapse in coverage. However, with monthly plans, policyholders can ensure their coverage remains uninterrupted, as premiums are automatically deducted every month. Moreover, they also get monthly reminders to pay the following month’s installment, making it difficult to miss the payment.

      4. Peace of Mind

        Monthly health insurance plans also offer peace of mind to people by allowing them to pay their insurance premiums in monthly installments and not in a lump sum. They also feel a sense of satisfaction that all of their savings are not being drained in paying the premium.

      How Does a Monthly Health Insurance Plan Work?

      Monthly health insurance plans divide the annual premium amount of a mediclaim policy into 12 equated monthly installments or EMIs. As a result, the policyholder has to pay the yearly premium in EMIs instead of a lump sum.

      For instance, if the yearly premium of an individual health plan is Rs 35,000, the policyholder will have to pay an EMI of Rs 2,916 (i.e. 35,000/12) for 12 months. As soon as the monthly premium or EMI is paid, the policyholder will get the receipts for the payment made.

      Grace Period for Monthly Health Insurance Plans

      If a policyholder is unable to pay a monthly premium installment by the due date, a 15 days grace period will be offered. All health insurance providers offer a grace period to pay the monthly premium. If the policyholder pays the premium within this grace period, they can get the accrued benefits; otherwise, their health policy will lapse.

      You may also read: Paying Health Insurance Premium in Instalments is Now Possible

      How to Buy a Monthly Health Insurance Plan in India?

      Here is how you can buy a monthly health insurance plan online from Policybazaar.com:

      • Click on the "Health Insurance" tab on the homepage
      • Enter your name, gender, age and contact number
      • Choose your city of residence
      • Provide details of any pre-existing health condition
      • You will now be able to see health insurance plans with a monthly payment option
      • Compare and choose a plan that suits your budget
      • Pay the premium via online payment modes
      • Your monthly health insurance plan will be issued in just 2 minutes.

      Wrapping Up!

      Monthly health insurance plans in India offer a flexible and convenient option to manage healthcare expenses effectively. By selecting a suitable monthly health plan, people can financially safeguard their health and well-being in a more accessible manner. However, it is also essential to carefully review the policy terms and conditions, coverage details, and customer reviews before making a final decision.

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      Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

      *Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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      Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

      STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

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