Financial security depends largely on an individual’s ability to plan for emergencies. This includes unforeseen medical requirements that can easily exhaust your savings. Medical insurance policies can be an effective way to minimize financial repercussions from such emergency expenditure.
Nevertheless, such policies tend to be expensive. Additionally, most insurance plans come with a long list of exclusions. A policyholder suffering from diseases under this exclusions list will need to cover the treatment costs from out of their own pocket.
An EMI health card is a better option that one can consider. Apart from reducing liability, such a card also decreases the immediate financial burden by allowing one to convert medical bills into EMIs.
What is an EMI health card?
Before health card apply, an individual should understand what this card does. When a cardholder or his or her family members need immediate medical attention, and there is a shortage of funds, they can rely on this card. It comes with a pre-approved limit that one can spend across reputed hospitals, diagnostic centres and clinics in India.
With this card, you can clear hospital bills without needing to dig into your pockets. After that, you can use an EMI facility to repay this sum. Thus, such a card limits the immediate financial burden that often arises from sudden medical situations.
Benefits of an EMI health card
One also needs to understand the various benefits that a health EMI network card entails to its users –
One card for the entire family
A prime reason to get your health card to apply process underway is that your entire family is covered under one card. Thus, you do not need to acquire different EMI cards for each member of your family.
The pre-approved limit on such a card is shared by all family members, including your spouse, children, dependent parents, and siblings.
During an emergency, one hardly has the time or the opportunity to undertake a complex application and approval process for such cards. If you are a Bajaj Finserv EMI Network member, the application and approval process for such a card is simple. Such an accelerated process ensures that you have the funds available during your time of need.
Considerable pre-approved limit
Based on health card eligibility, a cardholder can avail of a pre-approved limit of up to Rs.4 lakh. Such high-valued credit can go a long way in clearing medical bills.
One can also use the same to undergo expensive diagnostic tests and pay for medication and drugs across reputed pharmacies.
NBFCs like Bajaj Finserv has a wide network of hospitals and pharmacies where one can use this EMI card. The company maintains a hospital network that encompasses more than 5,500 facilities; these hospitals are spread out across 1,000 cities. Therefore, a cardholder is never too far away from a network hospital, clinic or diagnostic center.
Comfortable repayment tenor options
The primary benefit of this EMI health card is that it allows a cardholder to defer medical bill payments to a later date. If the bill is substantial, you can choose to clear the debt in 24 monthly installments. Thus, with two years to repay outstanding bills, this card offers plenty of additional time, thereby reducing financial strain greatly.
Cards available with no documentation
When an individual applies for such a card, NBFCs do not require him or her to submit additional documents. The companies already possess all the necessary information about that applicant, ensuring speedy approvals.
Several procedures supported
A stark difference between a health card and other health insurance policies is that the former offers complete coverage, regardless of the procedure.
For instance, an individual holding an EMI health card can use it to undergo cosmetic procedures, dental treatments and much more. However, a standard medical insurance plan often excludes coverage for such forms of treatment.
How can you apply for this EMI Health card?
The health card apply procedure is simple. One needs to follow the steps mentioned below –
- Visit the official website of a card provider and navigate to the relevant webpage.
- Find the option to apply for the card and click on the same.
- Provide the registered mobile number to verify your identity.
- Check your pre-approved offers.
- Pay the one-time fee for the card.
- Check whether the card is active through the card provider’s wallet app.
Additional offers and discounts are also available to cardholders when they spend at partner stores.
To reduce vulnerability from sudden medical expenditure, opting for such a card is essential. Thankfully, an individual can apply online and start receiving benefits from it instantaneously.