Soon there will be change in frequency of premium payment, it has been permitted through a circular permitting the insurers for minor modifications in policies filed by them.
IRDAI has issued an circular for the people who are seeking for a health insurance. They soon will have an option to pay the policy premium on monthly, quarterly and half-yearly basis in addition to the current option of annual payments.
IRDAI, in a communication to general and standalone health insurers, has also said that the payment in installments must not lead to any change in the basic premium and charging structure under the approved individual product.
According to the circular, the policy premium mode or frequency proposed to be paid may be monthly, quarterly or half yearly and the resulting premium amounts under each mode or frequency are consistent with premium amounts under other premium modes or frequencies of the underlying product.
The change in frequency of policy premium payment has been permitted through a circular permitting insurers to go in for minor modifications in policies filed by them.