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Important Points To Remember When Renewing Health Insurance

Published On Dec 05, 2020

At a time when health care costs are rising rapidly, it is advisable for every individual to have a health insurance policy to help cover the costs in case of a medical emergency. If you already have health insurance it is equally important to remember to renew it on time. At the time of renewal, there are a few things that you should keep in mind. Read this article to find out what they are.

Things to Keep in Mind When Renewing Health Insurance

The following points are worth keeping in mind when renewing insurance:

  • Shifting Insurance Providers: According to IRDAI guidelines, policyholders have the right to port/ shift their insurance policies to a different insurance company or plan without losing their benefits, such as the waiting period. However, this change can be made only around the time of renewal and must be done at least 45 days before the policy expires.
  • Changes in Policy: Insurance policy terms and conditions are often rewritten, most of these changes are minute but they may make a big difference to you. Before renewal, it is best to check the terms and conditions of the insurance policy to make sure it is still the best fit for you before renewing it.
  • Review Insurance Requirements: There are a number of things that can change over a year, such as a new addition to the family or a change of jobs. Make sure that the insurance policy still fits your needs before renewal.
  • Inform Insurance Provider Of New Illness: Over a year there may be new health conditions that you have developed that earlier did not exist. Make sure to inform your insurance provider of the same at the time of renewal to ensure there is no hassle when and if you make a claim.
  • Higher Sum Assured: With medical care costs rising rapidly, or with a new family member you may require higher coverage from your health insurance. A good time to make this change is during renewal. Moreover, if you have the maximum coverage provided under the plan you can check out top-up plans.
  • Update Health Insurance Related Documents: At the time of renewal make sure to inform your family about the same, as well as where the documents are kept. Insurance providers also issue cashless mediclaim cards annually which should be updated. Lastly, if you use your insurance for tax deduction purposes it makes sense to also have a copy of the document with your tax files. Click here to read about tax benefits under section 80D.


In a nutshell, health insurance is becoming increasingly important for every individual with the rising costs of healthcare. Thus it is equally important to make sure to renew the policy before it lapses. When renewing it is a good idea to also review the insurance policy to check it still fits your needs, budget, and any other requirements you may have. Renewal time is also when you can shit to a different insurance policy. When purchasing health insurance online remember to compare the different health insurance companies, the plans they offer, and the network of cashless mediclaim hospitals. You can also calculate your insurance premium with just a few clicks. For more articles click here.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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