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Health Plans: Is It Wise To Opt For Monthly Payments?
THE INSURANCE TIMES
|May 2024
Insurers have started promoting monthly and quarterly premium payment modes in an effort to make health plans affordable for all.
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Besides, they are also offering zero cost EMI (equated monthly installment) options now. The idea seems to be appealing for many. Data obtained from insurance distributor Policybazaar shows that 33% of young salaried individuals (aged 26 to 35) prefer the monthly payment mode when purchasing such a policy for the first time. Interestingly, the trend is more pronounced in tier-III regions, where 44% of individuals have opted for monthly payments, compared to 31% in tier-2 cities and only 23% in metros.
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