Health Insurance on EMI

Benefits of Paying Your Health Insurance Premium on EMI

Paying your health insurance premium through EMI offers payment flexibility without changing your policy.

• Easier financial planning: Paying premiums in instalments instead of a single upfront amount can help manage expenses more comfortably for health insurance with EMIs.
• Timely purchase decision: EMI can help avoid delays in buying health insurance due to upfront payment planning.
• Predictable payments: Instalment-based payments allow better planning of regular expenses, especially for long-term coverage.
• Same policy benefits: EMI only affects how the premium is paid. Policy benefits, exclusions, and waiting periods remain as defined in the policy terms.
• Convenience at purchase: EMI options are available at the time of purchase, allowing customers to complete the purchase smoothly.

Health Insurance EMI Options at Care Health Insurance

The availability mediclaim policy on EMI depends on the selected plan and the payment method chosen at the time of purchase. The applicable EMI options are outlined below:

Credit Card EMI

• Available on all Care Health Insurance policies
• Health insurance on a monthly EMI
• EMI facility offered through participating banks and payment partners
• Suitable for customers who prefer spreading payments evenly across months

Cardless EMI (UPI-Based EMI)

• Does not require a credit card
• The EMI facility is subject to eligibility

Quarterly Instalments

• The annual premium can be paid in four quarterly instalments within the policy year.
• At the time of the first instalment, a UPI mandate is captured to enable automatic collection of future instalments.
• Subsequent quarterly instalments are debited directly from the customer’s account in accordance with the approved mandate.
• Customers must contact a Care Health Insurance customer care executive to opt for this payment structure.
• Applicable terms and timelines apply.

Accelerated EMI

• Available for a 3-year policy tenure
• The premium may be structured for monthly payments during the first year, in accordance with applicable terms.
• A UPI mandate is captured to enable automatic collection of future instalments at the time of the first EMI payment.
• Subsequent monthly EMIs are debited directly from the customer’s account in accordance with the approved mandate.
• Customers are required to speak with a customer care executive to understand eligibility and complete the process

What Happens if an EMI is Missed?

If an EMI instalment is not paid within the applicable timelines, it may affect policy continuity, in accordance with the payment partner's and the policy's terms. 

• Risk of Policy Lapse: Continued failure to remit payments may lead to your policy lapsing, meaning all coverage ceases. A lapsed policy will not cover any new medical expenses, leaving you financially unprotected.
• Payment Failure Grace Period: If an EMI instalment is not paid on the due date, a 15-day grace period applies, during which the policy remains active. The pending instalment must be paid within this grace period to ensure uninterrupted coverage. 

Should you encounter any issues or require assistance with setting up or managing your auto-debit mandate, please inform us, and we will resolve the issue at the earliest.

Who Can Choose Health Insurance on EMI?

You may opt for health insurance on EMI if you:

• Hold a valid credit card or be eligible for cardless EMI through a payment partner.
• Meet the eligibility criteria of the respective bank or payment partner.
• Choose a Care Health Insurance plan that supports EMI as a payment option.

How to Buy Health Insurance on EMI?

You can buy health insurance on EMI by selecting the instalment payment option at the time of purchase. The step-by-step procedure is given below:

1. Select your Care Health Insurance plan
2. Choose coverage amount and policy tenure
3. Select EMI as the payment option
4. Choose credit or cardless EMI (as applicable)
5. Complete the necessary verification steps and payment process.
6. The policy is issued upon receiving confirmation of payment.

Your policy is issued once payment confirmation is received.

Disclaimer: EMI is only a premium payment facility and not an insurance benefit. Health insurance coverage, benefits, exclusions, waiting periods, and claims are governed solely by the policy terms and conditions. EMI options are subject to their respective terms, eligibility criteria, interest rates, and charges, including no-cost EMI offers, which are determined entirely by the bank or payment partner. Care Health Insurance does not guarantee the availability or continuation of EMI facilities. Policy issuance and continuity are subject to successful and timely payment of all applicable EMIs; failure or delay in payment may result in policy lapse or impact coverage as per applicable terms.