Just like homes, cars and mobile phones, you can purchase health insurance through equated monthly installments (EMIs). Future Generali India Insurance and Reliance General Insurance have launched products that offer premium payment through EMI. It is a good option for those who would like a higher sum assured, but cannot afford to pay the premium at one go.
However, customers must keep in mind certain conditions. For instance, the total premium in case of EMI will be higher as compared to paying the entire premium upfront. Also, the facility is available only for sum assured above a certain amount and in some cases for longer-term policies. Also, you will also lose out on the discount you would have got in case you paid the premium for a longer-term policy at one go.
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