Now Pay Your Medical Insurance Premium in EMI

Future Generali has announced a medical insurance policy called Health Total in which a policyholder will be allowed to split the payment of annual premium into equated monthly, or quarterly or half-yearly installments.

The option of split-payment is expected to encourage more people to go for the medical insurance security or go for upgrade in health cover with higher premium plan.

The EMI-based policy is, though, comes with conditions. One would have to compulsorily opt for polices with a sum assured of Rs 3 lakh and more. Also, it is available only for a policy tenure of more than one year - that is two and three years.

The EMI option will also cost slightly higher premium, than usual. For example: For the monthly premium option, the policyholder will have to pay 5 percent more than the standard rates. And in case, the policyholder makes a claim before one year period, the insurer will pay minus the remaining premium paid to be left from the claim amount. 

Other players like Reliance General Insurance is reported to have launched health plans with EMI payment option.