Bajaj Allianz General Insurance today announced a premium payment facility available with its “Health Guard” health insurance product. The Health-Guard insurance policy is available for individuals as well as for floating families. With this added facility, the premium payment option can be used on a monthly, quarterly, semi-annual and annual basis depending on the policyholder’s requirements. Experts say the introduction of the ability to pay premiums in installments will make the health insurance policy more affordable for policyholders.
Policyholders with a net premium of Rs 12,000 or more could opt for the monthly payment option. In addition, policyholders with a net premium of Rs 6,000 or more can opt for quarterly and semi-annual payment options.
For long-term policies, the annual payment option will also be available. If a policyholder wishes to opt for the possibility of installments, he must register an e-mandate with his banker, so that the installments are taken from the account of the policyholder. The link for registration would be sent to the policyholder’s registered email address and cell phone number.
Tapan Singhel, MD and CEO of Bajaj Allianz General Insurance said, “We are witnessing a rapid increase in healthcare costs year on year and it has become imperative for the citizens of our country to have coverage of Health Insurance. Providing the ability to pay premiums in installments for our comprehensive health insurance product – Health Guard, makes health insurance coverage more affordable. This should hopefully encourage more clients to opt for health insurance which I believe should be an essential part of every family’s financial planning to lead a healthy and dignified life.
If the policyholder opts for the down payment option, then the receipt for the amount received as a down payment at the time of issue of the contract will be sent to the customer. Upon payment of each subsequent deposit, a receipt for the amount of the deposit paid will also be sent to the policyholder. If the policyholder is unable to make the installment payment on time, a grace period of 15 days is granted to the insured. If the insured makes the payment within the grace period, he will not lose the accrued continuity benefit with respect to the waiting periods or the accumulated cumulative premium.