Your Health, Your Wealth: A Guide to Health Insurance on EMI

Health insurance is an essential safety net that provides financial protection in times of medical emergencies. However, the cost of health insurance premiums can sometimes be a concern for individuals and families. To make health insurance more accessible and manageable, many insurance providers now offer the option to pay for health insurance on Equated Monthly Installments (EMIs). 

Health insurance on EMI is a payment arrangement that allows policyholders to spread out the cost of their health insurance premiums over monthly installments. Instead of paying the entire premium amount upfront, you pay a fixed amount every month, making it more affordable and convenient, especially if you’re on a tight budget.

The Pros and Cons of Health Insurance on EMI

While taking health insurance on EMI is a great option that is not only affordable but also financially wise, it is important to consider all factors before buying it.

Pros Cons
You can pay the premium for your health insurance in installments, making it more affordable.
You may end up paying more in interest over the long term.
It can help you build a good credit history.
You may default on the loan payments, damaging your credit history.
It can provide you with financial protection in case of a medical emergency.
You may not be able to afford the monthly EMI payments, which can lead to financial difficulty.
You can claim the interest you pay on your health insurance EMI as a deduction from your taxable income.
The insurance company may charge a higher premium for health insurance on EMI.
You can avail of discounts and offers offered by the insurance company.
You may have to wait for a certain number of installments to be paid before you can make a claim.

Health Insurance on EMI: Eligibility and Documentation

The eligibility criteria for health insurance on EMI in India vary from insurer to insurer. However, the general eligibility criteria include:

  • You must be a resident of India.
  • You must be between the ages of 18 and 65 years.
  • You must have a regular source of income.
  • You must have a good credit history.
  • You must be able to afford the monthly EMI payments.
  • The insurance company will also consider your medical history and the sum assured you want to buy when determining your eligibility for health insurance on EMI.


Here are some of the documents you will need to provide when applying for health insurance on EMI:

  • Identity proof (such as a passport or Aadhaar card)
  • Proof of residence (such as a utility bill or bank statement)
  • Proof of income (such as a salary slip or tax return)
  • Medical reports (if required)

Where to Get Health Insurance on EMI?

Company EMI Options Starting EMI (per month) Cover
Rs. 882
Rs. 10 lakhs
Rs. 689
Rs. 5 lakhs
Rs. 902
Rs. 1 crore
Rs. 160
Rs. 2 crore

How to Apply for Health Insurance on EMI?

Applying for health insurance is pretty easy. Follow these steps to get health insurance on EMI and protect your finances from inconvenient health emergencies:

Step 1: Choose a reputable healthcare provider: Research and select a reliable health insurance provider with a good track record in terms of claims settlement and customer service.

Step 2: Compare the plans: Evaluate different health insurance plans offered by the provider. Compare coverage, benefits, exclusions, and premium costs.

Step 3: Inquire about the EMI: Contact the insurance provider to inquire about their EMI payment options for health insurance. Understand the terms, interest rates, and repayment schedule.

Step 4: Choose the payment frequency: During the application process, you’ll likely be asked to choose your preferred payment frequency (quarterly, semi-annually, or monthly).

Step 5: Provide all necessary information: Complete the necessary paperwork and provide the required information to apply for the health insurance policy.

Step 6: Review the terms and conditions: Carefully review the terms and conditions of the EMI plan before committing. Ensure that you understand all aspects, including the total cost and any associated fees.


Getting health insurance on EMI is a practical solution if you’re seeking quality healthcare coverage without the immediate burden of a lump-sum premium payment. It offers you the flexibility to manage your finances while securing essential protection against medical expenses. Before opting for health insurance on EMI, be sure to conduct thorough research, consider the financial implications, and choose a plan that aligns with your needs and budget. Remember, making an informed decision ensures that you have the necessary health coverage when you need it most.

Amit Arora


I am a seasoned retail banker with over 21 years of global experience across business, risk and digital. In my last assignment as Global Head Digital Capabilities, I drove the largest change initiative in the bank to deliver the end-to-end digital program with over US$1 billion in planned investment. Prior to that, as COO for Group Retail Products & Digital, I implemented a risk management framework for retail banking across the group.
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