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Health Insurance Renewal – Here Is Everything You Need to Know read

Mar 16 2020

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Health insurance renewal is an essential process. You’d surely like to continue enjoying the benefits such as coverage against regular medical expenses and critical illness treatments, cashless claims benefit, tax benefits, and much more. Furthermore, health insurance renewal provides continuity of your family’s financial safety net in case of any medical emergency.

The Health Insurance renewal dos and don’ts

  • Here’s everything you need to know:
  • • When is the right time for health insurance renewal?
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  • • Ideally, it is suggested to renew your health insurance policy 15 days before the date of the expiry of the existing policy. Some insurance companies offer a grace period. But this clause may vary from insurer to insurer and includes non-working days.
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  •     • Some insurance companies might send you a reminder close to the date of renewal. However, they are not liable to intimate you or send a reminder. A better practice is to stay alert with regards to the expiry date of your health insurance policy.

                

• What happens to your policy if it is not renewed during the grace period?

 

  •     • Your policy lapses, i.e., it does not exist anymore. After your policy lapses, it’s not valid or applicable.
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  •     • It cannot be renewed at all. You will have to apply for a new health insurance policy.
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  •     • You lose all the benefits of the lapsed policy. i.e., no claim bonus, reduced waiting period, etc.
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  •     • After lapse of your policy, you will have no other choice other than buying a new health insurance policy and having to go through all the formalities like a first-timer – 3 months waiting period for the policy for activation, 2 to 5 years of waiting period to avail certain benefits specified under the plan, and most importantly the benefit of regular health check-ups. You will have to undergo all the medical examinations once again.

                 

• How to renew health insurance?

  •     • You can renew your health insurance online, from the comfort of your home or the convenience of your office. It’s the simplest and fastest way.
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  •     • On the online renewal form of the insurer’s website, you have to fill in some quick details like current policy number, name, date of birth, etc.
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  •     • After this, you have to pay the first premium of the renewed policy through net banking/ credit card/ debit card.
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  •     • Upon receiving the payment, your insurer will send you a copy of the renewed policy via e-mail.
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  •     • Some companies allow renewal by cheque, but that varires as per each company’s policy

                   

• Things to keep in mind during health insurance renewal:

  •     • To avoid any future complications, inform your insurer about any new illnesses that you may have acquired by the date of the renewal.
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  •     • You can increase the sum insured amount if need be.
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  •     • Additional members, like spouse, children, parents, in laws etc can be added at this stage
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It’s always better to opt for a health insurance company that has a simple and trouble-free renewal process.