Paying for your health insurance in one big chunk can be tough on the wallet and many people hesitate to buy or renew a policy because of the lump-sum premium payment. But did you know that many insurance providers now give you the option to pay your premium in smaller, more manageable chunks? This is known as the installment premium option.
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Make a choice of whether you'd like to pay monthly, quarterly, or half-yearly.
Your insurance provider will show you the amount you have to pay for each installment including any administrative fees or taxes.
Most insurance companies will ask you to link your bank account, credit card, or UPI for automatic debit of your installment on the due date.
Your policy will come with a fixed due date for each installment. Mark it or set reminders to avoid missing payments.
In case you miss the due date, insurers give you a grace period of 15 days for monthly payments, and 30 days for quarterly or yearly. You must pay within this time to keep your policy active.
At the time of policy renewal you can continue with installments or switch to a different payment mode, like annual, if you change your mind about paying in installments.
Choosing an installment premium option isn’t just about breaking up a big payment, it's about making it a lot easier for people to stay covered without putting a strain on their monthly budget. Plus, the IRDAI has laid down clear rules to make sure everything’s transparent and fair when you choose this option, so you know you’re in safe hands. Here are a few more Advantages of Installment Premium:
It becomes easier to manage smaller payments over time rather than a lump-sum yearly payment.
It makes health insurance more accessible for people with limited or irregular income.
It provides flexibility by letting you choose a payment mode that suits your needs. For example, monthly, quarterly, or half-yearly.
It encourages policyholders to continue with their health coverage at the time of policy renewal by lessening their financial burden.
Your benefits and policy terms remain the same regardless of whether you pay the premium annually or in parts.
It is regulated by the IRDAI to ensure that insurance companies clearly disclose everything about this option in the policy document or policy schedule.
Health insurance is a must, but managing its costs can be tricky. That's when an installment premium comes to your rescue. They're here to make it easier to protect your health and your budget. Whether you’re juggling bills or just prefer spreading out payments to manage your finances better, it’s a smart way to keep your policy going.
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Reviewed by Dr. Harshita Dahiya 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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