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Guide To Health Insurance Renewal Online

Published On Apr 16, 2019 5:30 AM By Chinansuka Agarwal

Last year you insured yourself and your family members with total health care. You bought a health insurance to get cashless treatment or expense reimbursement in case of sudden illness, accident or injury. Now, renew your policy this year to enjoy the continuity of benefits. Most of the insurance providers provide the facility of health insurance renewal online.Health insurance renewal with online process, not only saves time and effort but also provides flexible payment options.

Health Insurance Renewal Online Process:

  1. Go to the insurer’s website.
  2. Fill in the required details such as policy number, expiry date, etc.
  3. Pay the premium amount using net banking/debit card/credit card.
  4. Once the payment is authorized, a digitally signed copy is issued. Get the document printed and retain in a paper form for future reference.
  5. You can check the details relevant to the policy using the username and password.

Points to remember at the time of the health insurance renewal:

  1. Health insurance renewal timeline: The essential thing is that you renew your policy on time. Some insurers may send you a renewal notice, but many may not. You must renew your policy before the expiry date. The grace period is generally 15 days to 30 days before your policy lapse. As per IRDA regulations, there will be no coverage during the lapse period. Also, there are chances of missing the waiting period for pre-existing diseases and the benefit of lifelong renewability. Once the policy gets lapsed, you will lose all the benefit of critical illness cover, no-claim bonus, and tax exemption. So, make it a point to renew your policy on time.
  2. Addition/deletion of members to the policy: At the time of renewal, the policyholder can add more family members to the policy. If any of the members has expired, then the deletion of the name can also be done during renewal.
  3. Changing the policyholder: The policyholder can also be changed at the time of renewal. So, you can take the policy in the name of your parents and claim tax exemption under section 80D.
  4. Increase sum assured: If you feel that your insurance requirements have increased, then you can go for increasing the sum assured at the time of renewal. The insurance provider in such cases may require pre-medical test and no claim history. Also, the waiting period will apply fresh for the increased amount.
  5. Explore top-up plan: In some instances, your sum assured may be equal to the maximum coverage allowed under the policy. In such a case, there is no option for increasing the sum assured. At that point, you can explore the top-up plan from the same insurer or another insurer for greater coverage at the time of health insurance renewal.
  6. Look for a change in terms and conditions: As per IRDA regulation, it is imperative for the insurer to seek approval if there is any change in the terms and conditions of the policy. Also, the policyholder should be informed of the same changes at least three months before renewal. If the revised terms are not acceptable, the policyholder has full right to migrate to another plan with the same insurer or can even port the policy to another insurer.
  7. Disclose any change in medical condition: Health insurance is a yearly contract. At the time of renewal, a fresh contract is made on the same terms and conditions as placed in the last year unless otherwise notified. There may be chances that there has been a change in your medical condition during the year. Therefore, it is your duty to inform the insurer of any such change in medical conditions rather than facing the pain of rejection at the time of claim. As per IRDA regulation, the insurer cannot load the policy due to adverse claim but can ask for supporting documents from the policyholder.
  8. Always preserve the receipt: Once you have renewed your policy, it is advisable that you update your family members of the renewal and keep the receipt safe. Also, if there are any cashless ID cards or changes in the policy made make them aware of the changes. This is essential, so they are not caught unaware at the time of claim.

Additional information regarding health insurance renewal

  1. Policyholders are not eligible for any claims between the period of policy lapse and renewal. Renewal has to be done before the expiry of the grace period.
  2. If the policyholder wishes to continue the policy with the same branch, he has to carry the policy renewal notice and check. However, if he wants to change the branch of the company, then he is required to produce last year’s policy, policy renewal notice, proposal form, photographs, check, and mandate letter.
  3. The policyholder can opt for a change in the agent or broker by simply making a request and citing the reason for the same at the time of renewal.
  4. If the policyholder decides to change the insurer, he is required to inform the existing insurer 45 days in advance.
  5. In the case of migration, the policyholders are eligible for the same benefits of the policy as initially insured.
  6. There is a benefit of no-claim bonus at the end of the year if no claim is made during the year.
  7. In case the renewal application gets rejected, the policyholder has full right to seek an explanation from the insurer.

Final words

Buying health insurance policy for yourself and your family is the first step towards securing the future with any medical emergencies. But it’s not enough. Renewing your policy on time is equally essential for continuity of the benefits. Health insurance renewal online makes the renewal more fast and convenient. Also, at the time of renewal, you can enhance the sum assured or even add family members. So to continue the care and protection, avoid last minute rush and renew your policy on time and in a proper way to enjoy zero exposure to risk.

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