InvestorQ : My health Insurance premium is too high. Can I pay the premium payment in installments due to the COVID-19 pandemic?
Rishita Das made post

My health Insurance premium is too high. Can I pay the premium payment in installments due to the COVID-19 pandemic?

Answer
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ishika Banerjee answered.
5 months ago


Well, if it would have any other time, the answer would have been ‘No’ but this situation is different from every perspective, especially for the health industry.
Recently, IRDAI (Insurance Regulatory and Development Authority of India) has allowed that the health insurance premiums shall be paid in installments. This has been announced due to the outbreak of COVID-19, considering the need for easing of payment of health insurance premiums.
For now, it has been announced as a temporary relief for 12 months (one policy year) in respect of all health insurance policies that are due for renewal up to March 31, 2021. It is possible that the facility may be extended as a permanent feature after the said period. The insurance companies shall not make any discrimination in extending the facility to all the consumers. IRDAI has also passed a circular regarding the settlement of claims within 2 hours of making such a request.