Renewing your health insurance policy-All you need to know!
Updated On Dec 04, 2020
One out of three individuals fails to renew their insurance policy. Either they fail to understand the health insurance renewal process, or they forget to pay premiums on time. As a result, the policies lapse! If you are also one of those who miss dates, then you must know how to fix it.
Insurers provide a grace period extending to 30 days at the most from the policy renewal date, wherein you get a chance to save your policy from lapsing. Because it will lapse if not timely renewed and the insured will not be eligible anymore for continuity benefits.
Why should I renew my health insurance policy?
The apparent reason why you should never ever let your health insurance lapse is that you will not be able to avail all the benefits that came along with it, otherwise. Consequences of not renewing your policy can be-
- You will have to purchase a new policy in case you missed the date of renewal of your health insurance policy. This will increase the premium prices that you are indebted to pay.
- The insurance companies won’t cover pre-existing diseases if you fail to renew your policy timely. But you won't have to face problems related to coverages if you renew it on time.
- You will also miss out on the no-claim bonus and additional benefits planned for you if you don’t renew the policy on time.
Certainly, renewing the health insurance policy is a wise man’s choice for which, it is always recommended to stay updated with related dates. To seek help in this regard, you can use gadgets like mobile phones or digital reminders which will make the process quite smooth.
You may also like to read: Health Insurance Renewal Date Missed? This Post is for You
How to renew a health insurance plan online?
Most of the health insurance companies now provide online renewal facility offering great ease to the policyholders. Besides offering transparency to the customer, the online process also provides peace of mind, making it an excellent way out.
The online process is a quick and simple way that just asks for a little time of yours and lets you renew your policy by yourself without any bafflement. It offers flexible payment options thereby making it a hassle-free process for the policyholders. All you are required to do is a little research!
Renewing health insurance plan online is no arduous task. Still, to make it easier for you, we have explained the process in 4 simple steps below:
- Fill in the details required of your previous policy including the policy number and expiry date etc.
- Choose the most convenient method of payment from debit card/credit card or net banking and make the payment.
- You will be issued a digitally signed copy of the policy after payment authorization. You may get a printout and retain for future use.
- Save the id and password that you will receive for future use, to check the details relevant to your policy on the insurer’s website.
Although, renewing a health insurance plan is not complicated, here are a few tips to follow in the process:
Things to remember!
1. Renew before the expiration date:
You cannot avail any coverage during the grace period. So, it is advised to renew it before it actually expires.
2. Know the process:
An insurance policy can be renewed online or offline. To renew it online, you need to visit the official website and fill in the required details. Whereas for the latter, you have to visit the nearest branch of your insurance company.
3. Compare different plans available in the market:
If you are dissatisfied with your current insurer, you can switch to another one during the health insurance renewal process. For this, compare the available options in the market keeping a few factors in mind such as-coverage, premium cost, no claim bonus etc.
4. Analyze your and your family’s requirements:
Analyzing your family’s current requirement is important in order to consider some add-ons in the policy. Also, you need to be honest with your insurer about any new any ailment diagnosed so that they can provide better plans for you.
5. Revise your sum insured:
Not necessarily, but you can opt to increase the sum insured within the policy limits. But the new sum might bring along a waiting period and may require fresh tests.
6. Carefully read the policy document:
Be careful and vigilant while checking the changes made in your insurance policy and make sure the add-ons that you asked for, are provided to you.
Also Read
Planning to Buy Health Insurance Online? Know the Top Benefits Here
Covering OPD Cover in Health Insurance
A noteworthy point here is that you are eligible for continuation benefits from the existing policy even if you opt for portability. But, the insurance provider may also, in some cases, refuse to renew your policy. You must ask for an explanation for the same in such a case.
Certainly, it is crucial to timely renew your health insurance policy to get adequate coverage according to your plan. Though, the insurance companies provide you with a grace period to renew it but are not liable to remind you to do so. It is good to maintain a habit of noting down the record for health cover renewal from time to time so that you have time to renew it when it nears expiration. So, sitting back after buying a health insurance policy is a bad idea. It is equally important to timely renew it!
