Freedom from the hefty premiums of health insurance companies
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Insurance Regulatory and Development Authority of India (IRDAI) has asked all health insurance companies to offer premium payment option in instalments to their customers. IRDAI said that now the health insurance premium can be deposited in instalments.
This facility has been given for about a year till 21 March 2021
Exemption to pay the health insurance premium in monthly instalments, Health insurance premium in monthly instalments
Due to lockdown, people are facing difficulty due to this. Due to this, premium insurance can be given in a monthly instalment of health insurance.
There is a lockdown in the country because of the Corona epidemic. In such a situation, the insurance regulator IRDAI has given a big relief to the insured. Irda said that now the health insurance premium can be deposited in instalments. This facility has been given for about a year till 21 March 2021.
Insurance Regulatory and Development Authority of India (IRDAI) has asked all health insurance companies to offer premium payment option in instalments to their customers.
According to the IRDA directive, the insured can pay the premium amount on a monthly, three month, six month basis as per his convenience till 31 March 2021.
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Significantly, this step has been taken by the regulator amid the impact of the Coronavirus epidemic on economic activities. The insurance company can take premiums in instalments for products that they find appropriate.
In September last year, IRDAI allowed insurance companies to offer a premium payment option (payment of premium in several instalments) on the basis of certification in the case of individual health insurance products. For this, they had to get a certificate.
No change in premium
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IRDAI has clarified that there will be no change in the basic premium and fee structure. Premium payment can be monthly, quarterly or half-yearly. The insurance regulator has also said that the facility of premium payment in instalments can be given as a permanent arrangement or temporarily for 12 months.
That is, this facility can be given for a health insurance policy with renewal until 31 March 2021.
What said According to IRDA News Agency PTI, IRDA said in a circular, "In view of the current situation due to coronavirus epidemic, the need to simplify health insurance premium payment was considered.
Under this, all insurance companies are allowed to take health insurance premiums in instalments. For this, you can choose products according to your own.
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