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Covid-19 impact: Pay health insurance premiums in instalments
21-Apr-2020
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In a bid to offer some respite to policyholders dealing with any liquidity crunch arising out of the lockdown, the Insurance Regulatory and Development Authority of India (Irdai), on Tuesday, asked all general and standalone health insurers to give policyholders the option to pay health insurance premiums in instalments. This means you can now pay your annual health insurance premiums in a monthly, quarterly or half-yearly basis. You can avail the option by writing to your insurer or getting in touch with the customer service using the available online touch points.

“In view of prevailing conditions owing to COVID-19 outbreak, considering the need for easing the payment of health insurance premiums, all the insurers are allowed to collect health insurance premiums in instalments," said the Irdai circular. This option shall be made available for all health policies due for renewal up to 31 March, 2021.

“Amid the ongoing Covid-19 crisis, the regulator has issued numerous guidelines in favour of the consumers. In yet another move, Irdai has issued guidelines to specialised health insurers and general insurers offering health insurance products to start giving an option to customers to pay premium of insurance policies monthly instead of annually," said Amit Chhabra, heath business head, Policybazaar.com, an online insurance aggregator.

This instalment facility can be offered either as a permanent facility or as a temporary relief for a period of twelve months for all health insurance policies. Note that Irdai in September last year had already allowed insurers to extend this option to policyholders but not all companies have started offering this facility. You can read more on this here.

Source : :ive Mint back
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