Salient Features of the Health EMI Card to Take Note of

By | April 29, 2020
Health EMI Card

Most Indians still lack a proper health insurance plan to deal with sudden medical emergencies. According to a report, health insurance penetration was limited to just around 35% in India as of FY2018. 

Thus, most individuals are grossly unprepared to deal with the financial setbacks from a medical emergency. Under such a circumstance, health card benefits cannot be overstated.

What is a health EMI card?

This card is a special financial instrument that allows one to clear any immediate medical liabilities on credit. 

The cardholder can then repay this credit through smaller equated monthly instalments over a predetermined span. 

Significant importance of health care is that it allows you to pursue a line of treatment, even if you do not have the financial backing necessary for the same.

What are the features and benefits of health cards?

An individual can avail the following advantages by opting for such a health card – 

  • Substantial pre-approved limit

Health card users can avail up to Rs.4 lakh as a pre-approved credit limit. One can spend this entire amount on funding hospitalisation and other treatment expenses. 

To know your pre-approved limit, all you need to do is consider the credit limit of your other EMI cards from Bajaj Finserv, and multiply the same with four. 

For instance, if an individual’s EMI card limit is Rs.50,000, his/her Health EMI card limit would be Rs. (50,000 x 4) = Rs.2 lakh.

  • Family-wide usage

Among health care card benefits is its family-wide usage, which means that a user and his/her family members can freely use a single card to avail financial benefits. 

Thus, with your card, you, your spouse, kids and parents can seek treatment without any issues. 

This feature is greatly advantageous since consumers do not need to register each family member separately for a card. Further, they do not need to maintain several cards at once.

  • Tenor flexibility

The requirements of cardholders differ significantly with adherence to their financial background and liabilities. 

Thus, one of the essential benefits of a health card is that it allows one to pick a repayment tenor that suits his/her particular financial situation. Tenor choice can range between 3 months and 24 months.

If you have the necessary funds available in your account, picking a shorter tenor is always the better option. Doing so helps you become debt-free sooner, thereby reducing financial strain.

  • Attractive offers and rewards

Among crucial health card uses is its ability to pay for medicine and drugs at reputed pharmacy chains. For instance, card users can avail flat 30% off on all purchases from Medlife stores. Additional discounts include up to 25% rebates on your bills at Apollo Pharmacy outlets. 

  • Personal accident insurance for cardholders

Apart from its usual benefits, such a Health EMI Network Card also provides free personal accident cover worth Rs.1 lakh for one year. Cardholders can claim this amount if they meet with accidents during this period. 

  • Instant approval without documents

Pre-existing Bajaj Finserv customers can avail this health card without needing to submit any documents for the same. The NBFC uses your previously submitted documents as KYC for this medical card. 

New customers, though, need to complete KYC verification while availing the said card. They need to furnish documents, such as PAN card, Aadhaar card, cancelled cheque and an ECS mandate.

  • No need to wait for activation

The EMI health card is a digital card and not a physical one. Thus, you can start using the card as soon as you receive word of your application’s approval. 

Apart from preventing long wait time, a digital card also ensures that consumers do not misplace it.

These are some of the advantageous features of an EMI card from Bajaj Finserv. During medical emergencies, the presence of such a card can be extremely helpful owing to the immediate assistance. Eligible consumers should apply for Health card today to start utilising its benefits.