Factors to Check Before Renewing Your Health Insurance Policy
Updated On Feb 16, 2021
The two most important factors that come along with buying a health insurance are-firstly, renewal of health insurance and secondly, terms and conditions of the claiming process.
Why health insurance renewal is so important is because it lets the policyholder enjoy continuation benefits. A policy can be continued with the same insurer or a new one.
You, as a responsible policyholder, are required to renew the policy before its expiry to enjoy the advantages.
To ensure you are not deprived of these benefits, InsuranceDekho brings to you a list of important factors for health insurance renewal that put you in a better position:
1. Health updates
Being a responsible health insurance policyholder, you must approach your insurer to keep them updated with any kind of change in your health condition. If you are unhappy with your current insurer, notify your insurer. To close the policy, make a formal request by writing to the insurer at least 30 days prior to the expiration date of your current insurance.
2. Payment of Premiums
It is the responsibility of the policyholder to timely pay the premium payable to the insurance company to keep your health insurance policy effective. The receipt of premium paid is proof of your commitment towards the continuity of the plan.
3. Grace period
If you fail to renew your health insurance policy in time, the insurance company may offer you a grace period of say 15 days for health insurance renewal. Renew the policy in the stipulated period to make it valid and you can then be eligible to avail continuation benefits.
4. Policy portability
Some policyholders don’t renew their health insurance plans because they see better benefits in some other plan and wish to port. Portability allows you to still enjoy the policy continuation benefits. You can use your right to port and upgrade to better benefits by switching to a new service provider but after notifying your current insurer. Your decision should be informed to them at least 45days prior to the scheduled policy expiration.
Things to note
1. Health insurance companies are less interested in claim settlement during the expiry and renewal period. The insured is required to pay the premium before the grace period ends to save the policy from getting lapsed.
2. The insurer is not bound to accept a policyholder’s request for health insurance renewal. But if an insurer denies renewal, then the customer may seek an explanation for the action.
Health insurance renewal can be done through online or offline mode. In the offline mode, you need to visit the insurer’s branch to pay premiums. The agents may also collect the premium amount via cheque, which is always a better option. Whereas in the online mode, you can renew the policy comfortably at your homes. You can get in touch with the health insurance brokers like Insurancedekho.com to get your policy renewed quickly.
The objective of our executives is to guide and ensure easy access for potential customers in the process of buying, renewing porting health insurance plans. They not only understand your needs but offer you the best deal as per your needs too.
So, if you face any difficulty in the process, or simply want expert advice, write to us at- firstname.lastname@example.org or call on 1800 1205 698.