New Delhi, March 12 -- Equated monthly instalments (EMIs) have expanded in scope and size turning into a handy tool for those who want to buy a whole range of things-from homes and cars to refrigerators and mobile phones. You can start enjoying the product even without fully owning it by making small payments every month, quarterly or half-yearly.

With medical inflation rising, health insurance companies have hiked the premiums, in some cases by a hefty 30%, in recent months. As a result, health insurance EMIs are being offered as a solution to manage high premium payments.

But unlike traditional EMIs, health insurance products bought on instalments have a significant disadvantage that is seldom discussed. While making a claim under an ...