Renew Your Health Insurance Policy - Benefits & Tips


Apr 20 2023



After getting the right insurance plan, you should also be responsible and renew it on time to avail continued coverage.

Just as you can buy health insurance online or offline, health insurance renewal can also be done online or offline.

In order to maintain your security about health insurance, you must renew your policy when required.

Why renew your health insurance?

Renewing your Health policy on time ensures that you continue to enjoy the benefits of the plan uninterrupted and stay worry-free.

Additionally, you can also avail tax benefits for the premium paid under Section 80D of the Income Tax Act.

What to keep in mind before renewing your health insurance policy?

If you plan to renew your health insurance any time soon, keep these few things in mind to receive maximum advantages at the lowest possible rate.

1. Renewal Date & Grace Period:

A policy cannot be renewed after it expires. If you don’t renew your health insurance policy by the due date, the insurance provider gives you a grace period of 15 days to prevent the policy from expiring. If you renew the policy before its expiry, you will continue to receive benefits and won’t need to undergo a new medical exam. The renewal premium is also considerably lower than the standard one, so it’s best to renew it before the renewal date.

2. Changing Coverage Needs:

Beyond a certain age, chances of developing illnesses such as diabetes or hypertension increase. What also increases is the risk of developing other serious ailments. So as a responsible policyholder, you must inform of any health-related changes at the time of renewal which may affect the premium. Additionally, as one passes through different life phases, health insurance needs must change. So with marriage or having children, new family members must be added to your existing health policy.

3. Easy Claim Process & Customer Care:

Settlement of claims should be done without breaking a sweat. Check the insurance company’s track record to get accurate details of claim settlement. The simplicity of the process is also important - the easier it is, the better it is for the insured. There should not be any cumbersome procedures involved in filing the claim and the insurance should provide quality customer care. That means providing easy access to policy information and any assistance when needed. Having a great service team is also a feature that matters. At MCHI, the process is easy as policyholders can download their policy documents and e-cards easily using the app. On the website, the Expert Assist feature also helps with any queries.

4. Hospital Network:

Check the network of hospitals that the insurance company has tie-ups with to know where you can get cashless treatment. It’s better to go to a hospital in the network that offers treatment without making you pay cash since the insurer would settle medical bills with them directly.

5. Asses Your Options & Premiums

When choosing a health insurance policy or renewing it, you should select the amount with care since it covers for a year all medical expenses and check if the premium is affordable for you or not. Insurance providers offer competitive premium rates so before you renew, compare the policy premiums of rival companies to see which benefits under it are more affordable for you.
It is not necessary or compulsory to continue with the same insurance company. If you find a better service or plan elsewhere, you can shift your policy to your desired company. You can change it using the portability option at the time of renewal.

Visit or talk to our Health Insurance Experts