In recent times non-life insurers are seeing rising demand for health policies under the equated monthly instalment (EMI) option. Insurers attribute this to reduced affordability due to a fall in income and job losses, even as the need for a cover has gone up due to the pandemic. In September 2019, the Insurance Regulatory and Development Authority of India allowed companies to sell policies with monthly, quarterly or yearly mode of payment. After the Covid pandemic broke out, in April this year, IRDAI directed insurers to extend this facility. Over a dozen companies now offer this option. Most people opting for EMI mode are new-to-insurance customers. “As high as 40-45% in the EMI segment are first-time buyers. About 40% opt for health coverage of Rs 5-10 lakh, and another 40% opt for the Rs 25 lakh-Rs 1 crore sum insured,” said Policybazaar business head (health) Amit Chabra.