What are the Benefits of Monthly Health Insurance Plans in India?

• Written by Sejal Singhania

  Reviewed by Munmi Sharma

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In today's fast-paced world, medical emergencies can occur unexpectedly and often come with high costs. Whether you're a student, a working professional, or a parent, worrying about sudden healthcare expenses is unnecessary. That's where monthly health insurance provides dependable protection that doesn't strain your budget.

It is flexible, affordable, and designed to suit your lifestyle, much like your favourite monthly subscriptions such as Netflix, Prime Video, Jio Hotstar, and others. Let's look into why opting for a medical insurance monthly payment is beneficial, along with the benefits that make it a vital part of your financial strategy.

What is a Monthly Medical Insurance Plan?

A month-to-month medical insurance plan is a type of health insurance where you pay the premium in monthly payments rather than all at once each year. This makes it easier for people to manage the cost of coverage, making it more affordable and accessible, particularly for those who might struggle to pay the entire annual premium at once.

Benefits of Monthly Health Insurance Plans in India

As medical costs continue to rise, choosing the right health insurance plan is crucial. Monthly health policy plans offer a smart and cost-effective solution for people in India. Here are some benefits of having monthly health insurance plans:

Flexibility and Affordability

One major benefit of a month-to-month health insurance policy is its flexibility. These plans have a lower monthly premium than annual health insurance, making them easier for people with budgets or those who want to manage their insurance expenses over time. This flexibility also enables individuals to modify their coverage according to their evolving needs and financial situations.

Peace of Mind

Monthly health insurance plans offer peace of mind by allowing individuals to pay premiums in manageable monthly installments rather than a single large sum. This approach also provides a sense of financial relief, as it prevents their savings from being entirely depleted by the premium payment.

Comprehensive Coverage

A monthly health insurance plan offers comprehensive coverage and provides significant financial protection for various medical costs, such as hospital stays, pre- and post-hospitalisation expenses, day-care treatments, and others. It provides a convenient way to make premium payments in monthly instalments, especially for those on a budget or senior citizens.

Ease of Management

One major benefit of month-to-month medical insurance plans is their ease of management. Paying premiums each month helps with budgeting and keeping track of expenses. Additionally, many insurance companies provide online portals or mobile apps for easy policy management.

Monthly Premiums vs Annual Premiums: Which is Better?

In India, insurance companies allow policyholders to pay their health insurance premiums on a monthly, quarterly, half-yearly, or annual basis. However, the most popular choices are monthly and annual payments.

If you choose the medical insurance monthly premium option, you'll just need to pay your premium each month to keep your health plan active. On the other hand, if you prefer to pay annually, you'll make a single payment once a year to renew your coverage. The table below will help you know the differences between paying monthly and annually for your health insurance.

How does a Monthly Health Insurance Plan Work?

Monthly health insurance plans break down the yearly premium of a mediclaim policy into 12 equal monthly payments, known as EMIs. This means that the policyholder pays the annual premium in EMIs rather than in one large payment. Family health insurance and other insurance plans also offer monthly premium options.

Let’s understand a monthly mediclaim policy with an example:

If the yearly premium of an individual health plan is Rs 30,000, the policyholder will have to pay an EMI of Rs 2,500 (i.e. 30,000/12) for 12 months. As soon as the monthly premium or EMI is paid, the policyholder will get the receipts for the payment made.

How to Buy a Monthly Health Insurance Plan in India?

Here is how you can buy a monthly health insurance plan online from Care Health Insurance:

Step 1: Choose a suitable health plan from the official website.

Step 2: Enter your phone number and continue to calculate the premium.

Step 3: Provide your current residential address pincode to receive the accurate premium.

Step 4: Take your time to review the various plans and select the one that fits your needs.

Step 5: Customise your policy's duration, coverage amount, and additional features.

Step 6: Obtain an immediate quote for your selected health insurance.

Step 7: Continue to buy by entering the proposer information, details of the insured individuals, and your KYC information.

Step 8: Make a payment using a secure option like a payment wallet, online banking, or a debit or credit card. You can also pay the insurance premium in installments (for the monthly premium).

Your policy details, such as your policy number and e-card, will be sent to your registered mobile number. If you need help while buying the policy, feel free to contact our executives.

>> Also Read: What is a Cashless Network Hospital?

Wrapping Up!

Monthly health insurance plans in India provide a flexible and easy way to handle healthcare costs effectively. By choosing the right monthly health plan, individuals can protect their health and well-being more conveniently. However, it is important to thoroughly examine the policy terms and conditions, coverage specifics, and customer feedback before finalising a choice.

Disclaimer: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.