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Jan 08, 2025
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Online and Offline Health Insurance Premium Payment Modes
What should be the frequency of paying health insurance premium and which mode should be used to make the payment. If you are confused with these two questions, read on to get the answers for the same, in this post.
Premium Payment Modes of Health Insurance
Premium payment is not an issue anymore as there are many ways of paying the money. Thanks to the advancement in technology, there are multiple modes of payment available both online and offline to pay your health insurance premiums.
However, not all insurance companies might allow all modes of payment for paying the premium. Hence, it is important to check and compare health insurance plans of different insurers as well as the mode of payment offered by them before buying a health plan. Here is a list of some of the popular modes of Health Insurance Premium Payment:
1. Internet Banking
Internet banking is one of the safest and easiest ways to pay health insurance premiums. All you need is to enter the details of net banking and the security PIN to get transaction done of your Health Insurance Premium Payment.
2. Debit Card
Debit card is another easy way of paying premiums of health insurance. In this case, all you need is to enter the debit card number while making the payment through a debit card. Along with the card number, you would require to enter the CVV number as well as the expiry date. You might get an OTP, which you must submit to make the transaction.
3. UPI
Paying through UPI ID is another way to pay for health insurance premiums. Here again, you must enter the UPI PIN while making the payment.
4. Credit Card
Credit card is another option of paying the health insurance premiums. You have to enter the card details as well as the one-time password (OTP) on the payment gateway to make the transaction.
There are numerous best health insurance plans in India which an individual can buy to offer coverage for them and their family. With the easy online mode of payment, you can pay for the premiums in a hassle-free way.
Further, the offline payment method is also very simple as you can visit the branch of your health insurance company and make the payment for the health insurance premium at the branch.
Things to Consider While Making Health Insurance Premium Payment Online
Here are some tips that needs to be considered while buying a health insurance plan:
- Always buy a health insurance plan from a known insurance company who has IRDA license
- You can refer to the bottom of your insurer page to check the license number
- Always be careful not to share or show your bank details to anyone while making the payment for the health insurance premium
- Also, you have to use a secured internet connection for making the payment for health insurance premiums
- Make sure to read the details of health insurance policy and its terms and conditions before making the premium payment to avoid future discrepancies
- Never hide any information related to your medical illness or any pre-existing diseases, else you may have to face consequences in terms of high premium.
Premium Payment Modes of a Health Insurance Plan
The mode of payment can be annual, semi-annual, quarterly, or monthly. The payment can be done by means of online banking, debit or credit cards, auto-debit etc.
If the insurance is not paid on time, the policy might lapse.
Regular Premium Payment is the most common and preferred premium payment mode for policyholders in general. In the case of regular payment mode, you can pay the premiums on a periodic basis, at a regular frequency for your health insurance through online banking method.
Purchasing health insurance online is definitely a better option as it is convenient, time saving and transparent. Further, there is hardly any paperwork involved and it ensures a lower premium. Also, it is easy to compare policies and get the best deal.
Yes, you can pay an insurance premium with a credit card. It offers several advantages if you pay your health premium through credit cards. This way, you can have enough time before your bank balance goes down. So, you can delay the outflow of cash from your account. You can also earn points on your credit card for this expense.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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