Health premiums maybe paid in instalments: Regulator tells insurers

Option can be a permanent feature of health policies or can be a temporary relief for policyholders for 12 months

Health insurance companies may collect premiums in parts, said the industry regulator on Tuesday as it sought to help people during the coronavirus outbreak in the country.

Irdai, in September, allowed companies offering heath products to accept premium payment in instalments, which are otherwise collected annually.

Companies can offer health premiums in installments as a permanent feature or as a temporary relief to policyholders for twelve months in respect of all policies due for renewal up to March 31, 2021. In doing so, the regulator has relaxed the guidelines that mandates a gap of twelve months for effecting minor changes in the