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How to pay health insurance premiums online?

11 Mins 22 May 2023 0 COMMENT

Health insurance is a sigh of relief for unexpected medical costs brought on by various health complications. These expenditures might be connected with the price of hospitalisation, medication cost, or the cost of medical visits. It is essential because the cost of high-quality medical care and hospitalisation can be financially demanding. A health insurance policy might give you the added security you need, given the escalating cost of medical care.

Individuals can now pay their health insurance premiums online, as the age of internet transactions is becoming more and more vital in our daily lives. This saves time and effort while ensuring your payments are made on schedule. Let us understand how to pay health insurance premium online and steps to pay health insurance premium online.

Ways to pay your health insurance premium online

The payment of health insurance premium can be done easily through various online modes. Know how to pay mediclaim online below.

  • Online banking: The majority of banks provide online banking services that permit you to pay for a variety of services, like health insurance premiums. You can pay the premium amount to the insurance provider from the convenience of your home by logging into your bank’s internet banking account and entering PIN.
  • Debit/Credit Cards: Many health insurance providers accept payment using debit or credit cards. You can easily use your debit/credit card information to make the payment by going to the insurance company’s website.
  • UPI/Mobile wallets: You can conveniently pay your premiums by using multiple mobile wallets or using your UPI id.

Steps to buying health insurance and paying your premium online

There are certain steps to pay health insurance premium online. These are as follows:

Select the Best Policy: Selecting the best policy is the first step in purchasing health insurance. Understanding your healthcare requirements, your financial limitations, and the features and advantages of various policies are all necessary for this. Online comparison tools let you find the best insurance policies from several providers that suit your needs.

Visit the insurance provider’s website & fill out the Application Form: After selecting the policy, you must visit the insurance company’s website and fill out the application form. You must submit your personal information, medical history, and other pertinent details online to complete this.

Make the Payment: Following the completion of the application form and logging in, select the option to pay your premium. You can accomplish this using any of the modes covered above. You need to select the payment method which can be using your debit or credit card, mobile wallet, UPI or internet banking. Enter the details as per the option selected and confirm the payment.

Once you complete the payment process, you will receive a confirmation message with the transaction ID and other details.

Receive the policy document: You will receive the insurance materials through email or postal mail after your payment has been processed. It's crucial to carefully study these documents and comprehend your policy's terms and conditions.

Things to keep in mind while paying health insurance premiums online

While health insurance premium payment is simplified with online modes, you should be careful while doing so. Ensure to check for the points below for a safe and hassle-free experience.

Registered websites: You should only buy the health insurance online from IRDAI-approved websites. The Insurance Regulatory & Development Authority of India (IRDAI) is the regulator of insurance sector in the country and gives license numbers to the insurance websites.

Accuracy: When completing the payment, double-check that the information you entered is accurate. Before paying the premium, be sure the policy number and amount are correct.

 Punctuality: To prevent penalties or late fees, it is crucial to pay your health insurance premium on time. Set up reminders or automatic payments to ensure your payments are made on time.

Medical History: You should not hide your medical history while buying a health insurance policy. If need to disclose any pre-existing illness to the insurance company. Failing to do this can result in the rejection of your claim later or even the cancellation of your policy.

Tax deduction: You can claim the premium paid to buy or renew the health insurance policy as a tax deduction under Section 80D of the Income Tax Act.

Tips for paying health insurance premiums online

Here are some essential tips to note for paying health insurance premiums online:

Set up automatic payments: If your insurance company gives you a choice to set up regular automatic payments, do so. This will ensure that your premiums are paid at the right time, so you won't need to worry about missing a payment.

Keep track of payment due dates: While automatic payments can be helpful, it's still important to keep track of when your premiums are due. You can utilise a bill payment tracking tool, set a reminder on your phone, or make a note of the due date in your calendar.

Verify payment information twice: Before making a payment, ensure all the information is accurate. This includes the payment amount, payment method, and any other details. Errors can lead to delays in processing your payment or even result in a missed payment.

Save payment confirmation: Always save the confirmation of your payment for your records. This will serve as proof of payment and can be helpful if there are any discrepancies in the future.

Conclusion

Paying health insurance premiums online is a simple and convenient process that can save you time and effort. It is critical to stay informed about the available payment methods and to take advantage of the benefits of online payment whenever possible. By following the steps outlined above, you can quickly and securely pay your health insurance premiums from the comfort of your home or office.

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