With this added facility, the premium installment option can be availed on a monthly, quarterly, half-yearly, and annual basis as per the policyholder’s requirements.
Bajaj Allianz General Insurance today announced a premium installment facility available with their health insurance product ‘Health Guard’. Health-Guard insurance policy is available on both individuals as well as family floater basis. With this added facility, the premium installment option can be availed on a monthly, quarterly, half-yearly, and annual basis as per the policyholder’s requirements. Experts say, introducing the option to pay premiums through installments will make health insurance policy more affordable for policyholders.
Policyholder’s with a net premium of Rs 12,000 or more would be able to opt for the monthly installment option. Additionally, policyholders with a net premium of Rs 6,000 or more can opt for the quarterly and half-yearly installment options.
For Long Term policies, the annual installment option will also be available. If a policyholder wants to opt for the premium installment facility, he/she has to register an e-mandate with their banker, so that the installments would be debited from the policyholder’s account. The link for the registration would be sent to the policyholder’s e-mail address and registered mobile number.
Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance said, “We have been witnessing a rapid rise in healthcare costs year on year and it has become imperative for citizens of our country to have a health insurance cover. Providing the option to pay premiums through installments for our comprehensive health insurance product – Health Guard, makes the health insurance cover more affordable. This should hopefully encourage more customers to opt for health insurance which I believe should be a critical part of the financial planning of every family, to lead a healthy life and a life of dignity”
If policyholder opts for the installment option, then the receipt of the amount received as down-payment at the time of policy issuance will be sent to the customer. On payment of each subsequent installment, a receipt for the installment amount paid will also be sent to the policyholder. If the policyholder is unable to make the installment payment within the due date, then a 15 days grace period is extended to the insured. If the insured makes the payment within the grace period, he/she would not lose the accumulated continuity benefit with respect to the waiting periods or cumulative bonus accrued.