2 hrs ago
13% of Policybazaar Customers Pay Health Premiums in Instalments
Some people buy health insurance but pay for it in smaller amounts over time.
Policybazaar says about 13% of its health insurance customers use monthly or quarterly payments.
This can make a large bill easier to manage.
A multi-year plan may also keep the premium from rising during the plan period.
But customers should read the rules before choosing instalments.
They should check for extra charges and what happens if a payment is late.
Some plans may require the remaining payments when the customer makes a claim.
Some insurers may also refuse a claim if payments are still owed, or may not give a no-claim discount.
The figures shared are for Policybazaar customers, not everyone buying health insurance.
Policybazaar says about 13% of its health insurance customers pay premiums monthly or quarterly rather than upfront.
The average annual premium or instalment amount for these customers is ₹17,500; the figures describe Policybazaar customers, not the wider market.
Instalment plans can let customers spread payments on multi-year policies, and those policies may lock in premiums during the policy term.
Customers should check payment terms, charges, grace periods and claim conditions; some policies require remaining instalments to be paid when a claim is made.
Some insurers may reject claims if instalments remain unpaid and may not offer no-claim discounts on EMI policies; the article also cites a GST reduction on eligible individual policies.
- Who
- Policybazaar health insurance customers who choose monthly or quarterly instalments.
- What
- About 13% of the company's health insurance customers use instalment-based premium payments, according to data shared by Policybazaar.
- Where
- The data is specific to Policybazaar's customer base; no location is specified.
- When
- The article does not specify when the customer data was collected; it mentions some premium hikes in 2025.
- Why
- Instalments can help customers spread insurance costs over time amid rising medical costs and higher premiums.
Potential benefits
Risks and cautions
Managing premium costs
Potential benefits
Monthly or quarterly payments spread a premium over time and may make it easier for households to manage.
Risks and cautions
Customers should check any charges and the consequences of missing instalments before choosing this payment method.
Multi-year premium terms
Potential benefits
Policybazaar says multi-year plans can lock in premiums during the policy term and shield customers from renewal-related increases.
Risks and cautions
The article notes that claim conditions can require remaining instalments to be paid upfront, and unpaid instalments may lead to claim rejection.
No-claim discounts
Potential benefits
Insurers may offer discounts of 10%–30% when no claims are made during the policy period.
Risks and cautions
Several insurers reportedly do not provide this benefit when a policy is bought through EMIs.
Key facts
- Share of Policybazaar customers
- About 13% pay health premiums in monthly or quarterly instalments.
- Average annual premium or EMI ticket size
- ₹17,500 among the customers described.
- Data scope
- Policybazaar customers only; the figures do not represent the wider health insurance market.
- Example plan
- A three-year policy costing ₹12,000 annually totals ₹36,000; equal monthly payments without additional charges would be ₹1,000 for 36 months.
- Grace periods
- 15 days for monthly payments and 30 days for quarterly, half-yearly or annual instalments.
- Possible claim condition
- Some instalment-based policies may require all remaining instalments to be paid upfront when a claim is made.
- No-claim discounts
- The article says some insurers offer discounts of 10%–30% for no claims, while several do not offer this benefit on EMI policies.
Sources
Related news
Proposed 10% Health Insurance Co-Pay Could Lower Premiums
GST Cut Zeroed Insurance Tax, but Premium Savings Remain Uneven
iPhone 18 Pro No-Cost EMI: Check the Full Cost
Five Health Insurance Features That Determine Real Hospital Coverage
Cashless Health Insurance Still Leaves Policyholders With Out-of-Pocket Costs
Mandatory Health Insurance Co-Pay Could Raise Policyholders’ Costs
Automatic GST Refunds Exclude Disputed Claims, Ministry Clarifies
GST Council's Proposed Reforms Could Ease Business Compliance
GST 2.0 Proposals Aim to Ease Compliance for Businesses
Finance Ministry Explains GST Penalty and Refund Changes
