- Learn to pay your premium online
- Explore the online Methods available
- Points to Remember
How to Pay Your Health Insurance Premium Online in India
Our lives have become simpler with continuous technological improvements, and the insurance industry is no exception. With our world revolving around such digitalization, the insurance industry has also taken a step to provide you with uninterrupted services from the comfort of your home. Today, you can buy and compare a variety of health insurance policies online, and renew your policies by paying your premiums online.
Through online payment, you can pay your premium anytime and anywhere without missing the due date. This is an easy way to pay your insurance premiums conveniently without wasting your precious time and energy.
Let's discuss the many online methods for paying your health insurance premium.
What Is Health Insurance Premium
A health insurance premium is a monthly compensation that you pay each month for having health insurance coverage. Health conditions are very unpredictable, and you never know when you will face medical emergencies. The cost of medical treatments is rising day by day, so to secure your monetary balance, health insurance policies are bought They provide you financial safety during their cover tenure. So to avail of these services, you need to pay a certain amount of money quarterly, half–yearly or yearly, to the insurance company and this fee provides you coverage when a medical uncertainty arises. The Health Insurance premium that you pay may cover the expenses that could be related to hospitalisation costs, the cost of medicines or doctor consultation fees and many more.
What are the benefits of online premium payment?
- Saves Time
One of the most evident benefits is that online payments save time for both the hospital and the patient. - More Efficient
Electronic portals are much more coherent than offline options. If it takes up more time, it isn’t as convenient for anyone. Payments can be done on the website or even on the mobile app of the company. - Reduces the Need for Cash or Checks
Using cash or checks just adds more security risks and creates inconvenience for everyone. By paying the premium online you won’t need to keep cash at your or deposit checks. - Immediate Confirmation
If you rely on an offline payment process, you wonder how long it will take for the mail to get to its destination. On paying an online premium you get the confirmation within seconds. - Various Payments Options
Online portals of the company are more flexible, they provide so many digital forms of payment options such as credit/debit cards, wallets, applications, and UPI so that you can pay directly from your bank account. - Attracts More Clients
Online premium payment offers a competitive advantage and makes the health insurance company more appealing to new and current clients. Younger generations especially look for these hassle-free choices. - Secure and Reliable
Health Insurance Companies use technology such as encryption to keep customers’ details safe. So, the account details and the premium amount both are in the safe hands of the company.
Methods for Online Health Insurance Premium Payment
You may pay your health insurance premium online in a variety of ways. The payment methods, however, may differ from one insurance provider to another. Look at the several online methods for paying health insurance premiums:
- Debit Cards
To pay the premium, enter your debit card information and the OTP you got on your mobile device. - Credit Cards
By entering your credit card information and the OTP you got on your phone, you may also use your credit card to pay the premium. - UPI
By entering your UPI id and the pin, you may pay the premium amount. - Wallets
To pay the premium amount, you can log in to your wallet online using your phone and the OTP you received there. - Net Banking
By connecting to your net banking account and entering your PIN, you may transmit the premium payment to the insurance provider through internet banking.
Steps to Buy Health Insurance & pay your premium Online
- Go to the top of this page and fill out the form 'Compare health insurance quotes online.
- Provide the basic details like name, date of birth and "Select Cover for" from the drop-down tab i.e. for 1 adult, 2 adults and 1 child, etc. Click on 'continue'.
- Fill in your mobile number, and city and click on 'proceed'.
- Compare quotes from different insurers and select the desired plan as per requirements.
- Click on 'buy this plan' and fill out the form with your medical history, identity proof, and necessary documents. Click on "Save & Continue".
- Select the payment mode through which you wish to pay your premium online such as debit cards, net banking or UPI.
- Enter the required details and make the premium payment.
- Once the payment is confirmed, your policy details will be shared at your contact address.
Checklist to Consider Before Paying Health Insurance Premium Online:
When paying your health insurance premium online, keep the following important considerations in mind:
- Always purchase health insurance online from an IRDAI registered website (Insurance Regulatory & Development Authority of India). A license number will be displayed at the bottom of every IRDAI approved website.
- Always use a protected internet connection when entering your bank account or credit card information. As a result, there is less likelihood of encountering fraud.
- If you need to renew your policy, make sure to do it before the policy expiration date by paying the renewal premium to the insurance provider. This will guarantee that your policy coverage is complete and that you have access to medical care.
- Always share your medical history while purchasing or renewing health insurance coverage. Your claim will be denied, and your insurance coverage might get cancelled if you fail to report any pre-existing conditions and your insurer learns about them later.
- Medical insurance coverage should be purchased or renewed after carefully reading the policy text. By doing this, you'll be able to better understand the policy's coverage, advantages, and exclusions.
To Sum It Up
Online purchasing or renewing health insurance coverage has never been simpler. To obtain coverage without leaving your house, all you have to do is select the plan you want or enter your details to renew your policy and complete the payment online. Additionally, you can pay your bills online using a variety of payment methods which makes it much easier to complete the entire process.
Health Insurer Network Hospitals
Health Insurance Premium Online :FAQs
1. Does the company accept the UPI payment for Health Insurance premiums?
Yes, the health insurance can be paid by the UPI Payment option.
2. What if my online payment fails while paying the health insurance premium?
If the payment fails due to any issue such as network connectivity, the amount will return to your bank account within 24 hours, and you can again pay the premium the next day.
3. Can we make the payment of the premium through the mobile application of the health insurance company?
Every Health insurance Company has a mobile application portal so, yes we make the payment of the premium through the mobile application of the health insurance company.
4. Is there any data security issue while paying the health insurance premium online?
Health Insurance Companies use technology such as encryption to keep customers’ details safe. There is no data security issue while paying the health insurance premium online.
5. What are the details required to pay the Health Insurance Premium Online?
To pay the Health Insurance Premium Online we need- Policy Number and Mobile Number
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Written By: Naval Goel
Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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