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A Step By Step Guide to Paying Health Insurance Premium Online

By Juhi Walia
23 August 2022, 12:35 PM

The internet has emerged as the most important invention in the history of technology and is now an essential component of daily life. Despite the obvious advantages of the internet, some people believe that the difficulties in processing information far exceeds the advantages. One such scenario is regarding online payment. Though we tend to do it in the blink of an eye when it’s for ordering food or shopping, but when it comes to payment of larger amounts like in the case of EMIs or for that matter health insurance payments, we tend to think twice and are rather skeptical. Just like any other sector, the insurance sector is also meant to ease our lives. In addition to being able to compare various health insurance plans online, you can also purchase them within a few clicks. Let’s find out about the different ways of paying health insurance online.

What is Meant by Policy Renewal?

Policy renewal essentially means the regular payment you must make to maintain the validity of your policy and to continue receiving benefits under it. Needless to say, any health insurance coverage has a specific time frame, such as a year, two years, or three years. It has to be renewed after this period has passed. If the renewal doesn’t take place, the policy will expire and you will lose any collected benefits, such no-claim bonuses or waiting period perks. You will also have to purchase the policy all over again, which could be a challenging process.

How to Renew/Pay Health Insurance Premium Online?

Renewal of health insurance is simple, especially if done online. One can renew their health insurance online through Paytm App by following the steps listed below:

Step 1 : Visit the Paytm App.
Step 2 :Look for the ‘Search’ option right at the top right of the app.

Step 3 : Type ‘Pay Premium’ in the search bar.

Step 4 : The app will automatically show the list of policies you have with different insurers. 

Step 5 : Just select a policy, which you want to renew, your premium amount will automatically display on screen. 

Step 6: Click on ‘Proceed to Pay, choose a mode of payment and your policy will be renewed online.

Different Modes of Paying Your Health Insurance Online

You can pay your health insurance premium online in a variety of ways. The payment methods, however, may differ from one insurance provider to another. Look at the several online methods for paying health insurance premiums:

Credit Cards - To pay the premium, enter your credit card information and the OTP you received on your mobile device.

Debit Cards - By entering your debit card information and the OTP you received on your phone, you can also use your debit card to pay the premium.

Internet Banking - By logging into your net banking account and entering your PIN, you can transmit the premium payment to the insurance provider.

UPI - By entering your UPI ID and PIN, you can pay the premium amount.

Wallets - To pay the premium amount, you can log in to your wallet online using your phone and input the OTP you received there.

Always Remember:

  • Your manner of premium will determine how frequently or how long you make payments. The most popular premium payment schedules offered by the majority of health insurance companies are annually, semi-annually, quarterly, or monthly.
  • Regular premium payment methods typically have lower per-payment costs.
  • When compared to more regular payment schedules, like monthly payments, the long-term expenses of less frequent payment options, like annual payments, are frequently significantly lower.

Things You Should Consider While Paying Health Insurance Premium Online

  • You must always remember the policy renewal deadline. Set a reminder, if need be.
  • Usually the insurance provider sets a grace period of 15-30 days to settle the outstanding premium amount. The health insurance plan will expire and the insured person will no longer be able to receive any accrued benefits if the payment is not paid during the grace period.
  • Ensure that you are paying the premium on an IRDAI-registered website (Insurance Regulatory & Development Authority of India). A licence number will be displayed at the bottom of every IRDAI-approved website.
  • Always use a secured internet connection when entering your bank account or credit card information as it reduces the likelihood of encountering fraud.
  • Section 80D of the Income Tax Act of 1961 allows tax deductions for premiums paid for health insurance.
  • The renewal clause, exclusions, claim instructions, and other terms and conditions should all be carefully read in the insurance paperwork.
  • Declare any new ailments at renewal time: To ensure a smooth health insurance claim settlement process in the future, one must be truthful with the medical information provided both when purchasing the policy and when renewing it.


If you start to pay health insurance online, you will save enough time and energy to engage in all other activities. All it takes is a few steps and you can avail a wide range of benefits including pre and post hospitalisation cover, no claim bonus, annual health check-up among others. In simple words, it can be your best decision to save yourself time from unnecessary hassles. 

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1. What happens if I don't pay the online premium by the due date?

The deadline for policy renewal must be remembered by the policyholder. This is because, if he or she misses the deadline for renewing health insurance, the insurance company will grant him or her a 15–30 day grace period to pay the unpaid payment. However, the health insurance coverage will expire and the insured will no longer be able to access any accrued benefits if the payment is not paid during the grace period.

2. Are health insurance premiums beneficial for tax purposes?

Yes. Section 80D of the Income Tax Act of 1961 permits tax deductions for premiums paid for health insurance.An individual can avail maximum deductions of up to INR 1,00,000. 

3. What are typical insurance payment intervals?

The most popular premium payment schedules offered by most of the insurance companies are annually, semi-annually, quarterly, or monthly. You can select the most convenient option.

4. Is there a way to calculate the premium amount by myself?

Yes. Most of the insurance companies provide a premium calculator on their website. You can enter your personal details as well as the coverage amount and tenure of the policy, and the calculator will calculate the exact premium that you will be required to pay.

5. What if I am diagnosed with a new illness which was not mentioned at the time of buying the policy? Will I need to mention it during renewal?

At the time of renewal, make it a point to list any new illnesses. One must be truthful with the medical information provided both when acquiring the insurance and when renewing it in order to ensure a smooth claim settlement process in the future.

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