Monthly Health Insurance Plans in India – Coverage, Benefits & Eligibility

Read on to know the benefits, inclusions, exclusions, and eligibility criteria to buy monthly health insurance plans online.
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3 min
19-February-2024

Health insurance is not just a wise investment, it is also a necessity in today’s world. Monthly health insurance plans offer a solution to those seeking short-term or flexible coverage options tailored to their needs. In this article, we will discuss the concept of monthly health insurance plans in detail, along with its coverage, benefits, exclusions, and more.

What are monthly health insurance plans?

Monthly health insurance plans, also known as month-to-month health insurance or one-month health insurance plans, are policies offered by insurance companies that allow policyholders to pay premiums monthly instead of annually. These plans are designed to help individuals who may not have the finances to invest in a comprehensive health insurance policy.

Monthly health insurance plans offer temporary coverage at an affordable cost, making them an ideal option for those who need coverage for a short period. Unlike traditional annual policies, these plans offer the flexibility of shorter terms, allowing individuals to customise their coverage based on their current circumstances.

Benefits of monthly health insurance plans in India

Monthly health insurance plans offer multiple benefits in India. These include:

  • Flexibility: Monthly health insurance plans offer unparalleled flexibility, allowing individuals to enroll or cancel coverage on a month-to-month basis.
  • Affordable: Monthly health insurance plans are affordable and easily accessible for people of all income groups. These plans offer temporary coverage at a lower cost compared to annual health insurance plans.
  • Easy to buy: Monthly health insurance plans can be bought online with minimum documentation. This makes it convenient for individuals who may not have the time to visit insurance offices.
  • Customised coverage: Monthly health insurance plans come with various customisation options. Policyholders can choose to add or remove coverage depending on their medical needs.

Read more : Health Insurance on EMIs! Discover the Benefits

How does a monthly health insurance plan work?

Monthly health insurance plans operate similarly to traditional insurance policies but with shorter terms and greater flexibility. Monthly health insurance plans usually cover hospitalisaion expenses, including room rent, doctor’s fees, and diagnostic tests. However, the coverage may vary from one insurance provider to another. Some plans may offer additional benefits, such as outpatient treatment, maternity benefits, pre-existing illness coverage, and more.

Here's how they typically work:

  • Enrollment: Individuals can enroll in a monthly health insurance plan at any time, without being restricted to annual enrollment periods.
  • Coverage period: Once enrolled, coverage typically begins immediately or within a few days, depending on the policy terms. Policyholders are covered for the duration of the month for which they have paid the premium.
  • Payment: Premiums for monthly health insurance plans are typically paid on a month-on-month basis. Policyholders have the option to renew their coverage each month by paying the premium before the start of the new coverage period.
  • Flexibility: Policyholders have the flexibility to cancel their coverage at any time without penalties. This allows individuals to adjust their coverage as needed, whether due to changes in employment, eligibility for other insurance options, or any other reason.

How to buy a monthly health insurance plan?

Given below are the steps to buy a monthly health insurance policy online:

  • Research: Start by researching various insurance providers offering monthly health insurance plans. Compare premiums, coverage options, and benefits to find a plan that aligns with your needs and budget.
  • Evaluate your coverage needs: Decide on the coverage you require and choose an insurance plan that offers the same. Consider factors such as pre-existing conditions, prescription medications, and anticipated medical expenses when selecting a plan.
  • Online application: After choosing a plan that best suits your needs, you can fill in the online application at the insurance provider’s official website.
  • Review the policy terms: Once you have filled in the application form, ensure that you carefully go through the terms and conditions, and also check through the policy inclusions and exclusions. Only after careful analysis of the policy terms, move ahead with completing the online payment.
  • Payment: You can complete the payment online itself. The payment can be made through credit/debit cards, UPI, net banking, or any other available option at the insurer’s website.
  • Renewal and cancellation: Monitor your coverage expiration date and be proactive about renewing your policy each month to avoid a coverage gap. If you no longer require coverage, you can cancel your policy at any time without incurring penalties.

Read more: Health Insurance Plans for Family

Monthly health insurance plans offer a flexible and convenient solution for individuals seeking short-term or customisable coverage options. With benefits such as affordability, flexibility, and immediate coverage, these plans provide financial protection against unexpected medical expenses. By understanding how monthly health insurance plans work and following the steps to purchase coverage, individuals can ensure they have access to the healthcare services they need, precisely when they need them.

Frequently asked questions

What benefits do monthly health insurance plans offer?

Monthly health insurance plans offer many benefits, including flexibility, affordability, ease of purchase, and customised coverage options.

What does monthly health insurance cover?

Monthly health insurance plans usually cover hospitalisation expenses, including room rent, doctor’s fees, and diagnostic tests. However, the coverage may vary from one insurance provider to another.

Can I customise my monthly health insurance plan?

Yes, monthly health insurance plans come with various customisation options. Policyholders can choose to add or remove coverage depending on their medical needs.

Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

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