The majority of Indians are not very serious about their health and even fail to hold a good health insurance cover. One of the main reasons behind people lacking an insurance policy is that they struggle to make a single large payment. But now they can avail of this facility by taking health insurance on an EMI basis.
With the option of health insurance on EMI, people can pay in fixed amounts on monthly basis towards their medical policy. They no longer need to pay a large amount of insurance premium every year. This process has increased the affordability of health insurance for people living in India. The Insurance Regulatory and Development Authority (IRDA) of India has passed a regulation directing insurance companies to start accepting premium payments for a health insurance policy in monthly installments.
Advantages of no-cost EMI on Health Insurance
Health insurance on an EMI basis offers various advantages, mostly to the people falling in the middle-income group. Some of these are:
· More Convenient to Pay: Health insurance on monthly EMI is a convenient method of paying for your medical cover. Most of the working force in India is dependent on their monthly income. Thus they feel more comfortable with no-cost EMI on health insurance.
· Helps Deal with Rising Medical Costs: Health insurance on EMI helps you deal with ever-rising medical costs and supports you in times of medical emergencies. It is rather important in today’s world to get yourself medically covered a greater sum insured. Paying in monthly EMIs allows you to survive with the rising cost of medical expenses.
· Affordable: GMoney no cost EMI is an affordable medium of getting health insurance coverage. Paying monthly is a better and more affordable option. Here you can choose to pay in a more flexible premium payment schedule. You can even opt to pay in a monthly, quarterly, or half-yearly basis with no-cost EMIs.
· Allows for a Higher Health Coverage: Paying in affordable EMIs enables you to choose a higher health cover plan. With the rising cost of medical treatment and the expenses related to treatment and hospitalization, it is quite necessary that you are covered with a high amount of health cover to help you meet costly healthcare expenses.
· Better Option for Senior Citizens: Older people are more vulnerable to health risks, and need a good health insurance plan covering all critical illnesses. Moreover, senior citizens of India have a low monthly income and they often struggle to pay for their health insurance policies in one go. Health insurance on EMI from GMoney supports them to pay in installments and get medical treatments without disturbing their savings.
· Tax Benefits: As per Section 80D of the Indian Income Tax Act, you can claim deductions on your income tax towards the premium paid for your health insurance plan. Paying in monthly EMIs makes you still eligible for tax benefits.
· Cover Yourself and Family Members: As paying in EMIs is an affordable option you can also get your family members covered under a good health insurance family plan. No-cost EMIs from GMoney don’t put you under a financial burden, along with providing you a safeguard against falling ill.
Choose a Right Health Insurance Policy on EMI
There is a variety of no-cost EMI health insurance plans in India. You can choose the one that suits you most. No-cost EMI health plans promise you comprehensive and customized health coverage amounts, cashless OPD, and even paperless reimbursements. GMoney offers the most affordable health plans with reimbursements in less than 30 minutes to help you meet your medical emergencies.
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