Health Insurance

Health Insurance

Health Insurances can be availed for various purposes such as construction, renovation or extension of your house. Attractive interest rates, higher eligibility, and longer Health Insurance tenures make Axis housing Health Insurances one of the most popular Health Insurance products.

8.90% - 9.10%
Floating

0.25% (max. ₹11,800)
One time fee


₹5L - ₹10Crs3-30 Years
8.90% - 9.10%
Floating

0.25% (max. ₹11,800)
One time fee


₹5L - ₹10Crs3-30 Years

Health Insurance is Rated as “Great!” by 2498 Users
Axis bank is a nationalised bank that has its robust network spread throughout the country. Its network makes it easier for customers to educate themselves about the quality products that the bank has to offer. One of the most renowned products of theirs is their Health Insurance products. Equipped with competitive rates of interest and processing fee, a Health Insurance is preferred by several Health Insurance customers all across the nation.

Health Insurance Interest Rates
Updated on 07 Jan 2019
Loan Details
Interest Rate8.90% to 9.10%
Processing Fees0.25% of the loan amount (Maximum Rs. 11,800)
Loan Tenure3 year to 30 years
Partial pre-payment ChargesNil
Pre-closure ChargesNil
Guarantor Requirement No Guarantor Required
Health Insurance

The practical aspects of buying, constructing or renovating a house involves immense responsibility, impeccable research and thorough planning. For most of us, getting the right Health Insurance scheme (which perfectly suits our needs) and repaying it with an interest can be a mammoth task, or maybe quite impossible. Though some people settle for a mortgage, it may not be the wisest option. In this scenario, the best thing to opt for is a comprehensive Health Insurance plan. Most leading banks extend financial assistance to customers in the form of Health Insurances, with the purpose of helping them to buy a house.Axis Bank is one on of India’s largest private sector banks.

 

Some of the Best Features Provided By Axis Bank Health Insurance are as follows:

  • It is a really a very quick and easy process to get a Health Insurance from Axis Bank.
  • With a higher eligibility, the bank also offers lower EMIs at affordable and attractive rates of interest.
  • Keeping up evolving technology, Axis bank has introduced a new system by which you can go through the application process Tablet and Smart phone. This ensures faster processing and quick disbursal of the Health Insurance.
  • You can avail Health Insurance from Axis to buy your dream house (of your choice), or from Axis bank’s approved projects.
  • They also offers pre-approved Health Insurances to selected customers, and existing customers get to enjoy reduced documentation process.
Features and benefits of Axis bank housing Health Insurance
  • Affordable interest rates and both floating and fixed options
  • The Health Insurance can be sanctioned before selecting the property
  • A really smooth simplified documentation process and even faster documentation process for existing customers
  • You get the freedom of enjoying a longer tenure with lower EMIs
  • The ‘Balance Transfer’ feature allows you to transfer your existing Health Insurance availed from any other bank, to Axis Bank. This is for you to enjoy long term savings.
  • With the Balance Transfer feature, you can enjoy up to additional top up Health Insurance amount. This can be up to 100% of the original Health Insurance.
  • The bank’s Health Insurance page provides unique online tools like Eligibility calculator and EMI calculator. With the eligibility calculator you can find the Health Insurance amount you are eligible to avail for, and the EMI calculator calculates the monthly repayment amount towards the Health Insurance.
  • Selected customers can enjoy pre-approved Health Insurances.
  • Up to 30 years of Health Insurance tenure available
  • Enjoy a fixed interest rate for the first 10 years, and thereafter a choice of fixed or floating interest rates.
Health Insurance eligibility criteria:
  • Applicants must be at least 21 years old when the Health Insurance is sanctioned.
  • The entire Health Insurance must be repaid at or before the age of 65 years.
  • Applicant must be self-employed or salaried with a regular income source.
  • The co-applicant’s age must be at least 18 years.
Axis bank Health Insurance interest rates

Before we get into the absolute numbers, it is essential to know how the interest rates are actually calculated. Like other Health Insurances available from other banks in India, Axis Bank Health Insurances also offer an MLCR based interest rate calculation. It is essential to understand that the Axis Bank floating rate Health Insurance is benchmarked to I-MCLR-1Y. Below mentioned floating rates are linked to I-MCLR-1Y (One year MCLR) benchmark rate. I-MCLR-1Y is 8.55%. But the interest rates are calculated differently for different groups based on demographics.

Health Insurance interest rate for self employed borrower (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.15% I-MCLR-1Y + 0.50%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%
Health Insurance interest rate for salaried borrower (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.10% I-MCLR-1Y + 0.45%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%
Health Insurance interest rate for women borrower- self employed (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.10% I-MCLR-1Y + 0.45%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%
Health Insurance interest rate for women borrower- salaried (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.05% I-MCLR-1Y + 0.40%
Above 75 lacs9.20%I-MCLR-1Y + 0.45%
Axis bank Health Insurance EMI calculator
Axis Bank offers unique and dynamic tools like EMI calculator and Eligibility calculator to help customers with choosing the right Health Insurance. With the use of the eligibility calculator you can find the Health Insurance amount you are eligible to avail for, by entering certain basic details/parameters, and the EMI calculator calculates the monthly repayment amount you need to make towards the Health Insurance. For this you need to enter basic details like the Health Insurance tenure and Health Insurance amount. Make use of these tools to get the best deal. Pradhan mantri awas yojana by Axis bank

The CLSS or Credit Linked Subsidy Scheme has been announced by the Prime Minister of India, Narendra Modi under the Pradhan Mantri Awas Yojana. According to the CLSS under PMAY, everyone will have a house by 2022.

Under the housing for all by 2022 scheme, interest subsidy can be availed by the customers belonging to MIG (Middle Income Group), LIG (Lower Income Group) and EWS (Economically Weaker Section) for improvement, extension, construction and purchase of houses.

Features of PMAY schemes:
  • In case of MIG categories, the beneficiary family’s Aadhaar numbers are mandatory.
  • The interest subsidy benefit can be availed on the outstanding principal.
  • The subsidy can be availed for maximum tenure of 20 years or the tenure availed by the customer, whichever is lower.
  • No cap is there on the property’s cost or the amount of Health Insurance.
  • The NPV or Net Present Value of the subsidy is calculated at a discounted rate of 9%.
  • Any additional Health Insurance above the specified cap, will come with a non-subsidized rate.
Eligibility for applying PMAY scheme:
  • In order to be eligible for this scheme, the beneficiary family must not have received any central assistance under Housing of all by 2022.
Beneficiaries under PMAY scheme:
  • This particular scheme is offered to the families comprising of wife, husband and unmarried kids. Any adult member earning for himself/herself, irrespective of his/her marital status, will be treated as separate household under the Middle Income Group category.
  • The beneficiary family should not have a pucca house in any part of India. Even the family members cannot own a pucca house anywhere in India
Health Insurance balance transfer Axis bank gives the privilege of lowering the EMI burden to its customers, and allows them to make savings by transferring their current Health Insurance scheme from any other Bank to Axis bank. The balance transfer feature is very innovative and a very thoughtful gesture on the bank’s part.
FAQs on Health Insurance
  1. I have opted for the floating interest rate option on my Axis bank Health Insurance. If there is a change in the rate, will it affect me? If so, then how?This depends on what your Health Insurance is linked to. If your Health Insurance is linked to FRR and PLR your rate of interest will reduce by 0.05%. This will happen due to the change in the FRR/PLR on June 26, 2015. Please note that this change will also correspondingly have an impact upon your EMI or Health Insurance tenor.
  2. I am a Health Insurance customer with an Initial /Renewable fixed rate of interest. What happens when the fixed rate tenure expires?As per the fixed rate Health Insurance, the Health Insurance is fixed for a stipulated period of time. The same would have been intimidated to you in the Health Insurance sanction letter. After the fixed rate period is over, your interest category of the Health Insurance would convert to floating rate. The applicable floating rate is decided based on a certain factor. This is the benchmark rate which is prevailing during the completion of fixed rate period.
  3. Do I have the freedom to choose the category of interest rate (fixed or floating) on my Axis bank Health Insurance?With Axis bank Health Insurances, borrowers can enjoy fixed interest rate for the first 10 years, and thereafter avail a choice of fixed or floating interest rates. The rate of interest varies according to certain factors like the Health Insurance amount, category of borrower, period of the Health Insurance and fixed or floating rate of interest.
  4. Is there any special concession on the Health Insurance interest rates offered by Axis bank, for women borrowers?Yes, for women borrowers the starting rate of interest from Health Insurance is from 8.35% to 8.80%. The woman borrower needs to be the main applicant of the Health Insurance, or a co-owner in the financed property to avail the following rates of interest-
    • The floating rate of interest ranges from 8.65% to 8.80%.
    • The fixed rate of interest (for 5 years, 10 years) ranges from 8.70% to 8.90%
    • The full tenor fixed interest rate ranges from 9.70% to 10.05%
  5. If I want to close my Health Insurance, are there any charges on prepaying the Health Insurance?If the Health Insurance is availed on floating rate of interest, then there are no charges for this. If the Health Insurance has been availed on fixed rate of interest, then you need to pay 2% (plus applicable taxes) on the outstanding principal.
Why You Should Choose Health Insurance ?

Choosing a Health Insurance provider is challenging. Building a new home is a dream to many, choosing the right bank takes you one step closer to make your dream come true. Many leading banks offer excellent Health Insurances with attractive features. Axis Bank is one such bank that offers Health Insurances that is specially designed keeping their customers in mind.

Excellent Home Improvement Health Insurances From Axis

People often require funds and opt for Health Insurances to renovate their existing home. To help homeowners refurbish their house, Axis Bank is now offering home improvement Health Insurances with attractive features.

Home Equity Health Insurance Offered By Axis Bank

Home equity Health Insurance is trending these days. This type of Health Insurance is when a borrower uses the equity of the house as collateral. Many people opt for home equity Health Insurances to take care of other expenses like home renovations, medical expenses, or for higher education. One of the most popular home equity Health Insurances in India is Axis Bank Home Equity Health Insurance.