Tips To Renew Health Insurance Policy Online
Updated On Oct 07, 2021
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Health insurance plans must be renewed after a regular period of time, as specified by the insurer. The health insurance plans come with a due date, after which the policyholder is not liable to claim the health insurance plan. After the date of expiry of the health insurance plan, the health insurance plan loses its validity, that is the policyholders cannot avail the benefits of their health insurance plan at the time of a medical emergency.
Hence, to continue availing your accumulated benefits, you must get your plan renewed on time before it lapses. One must not overlook the date of renewing their health insurance policy, as it protects the health of the policyholders and their loved ones insured under the respective policy. In case of failure of renewing your existing health insurance plan, you must buy a new health insurance plan all over again, which includes the hectic procedure of looking for plans and documentation.
Tips To Renew Health Insurance Policy Online
Following are some of the tips that can be followed to get hassle free renewal of your existing health insurance plans:
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Renew Plans Before The Due Date
A health insurance plan comes with the date of expiry, which is also called the due date. The policyholders must renew their policies before the due date, as notified by their health insurance provider. If the health insurance plans are not renewed before the due date, then the policyholders lose all their accumulated benefits, and their health insurance plan lapses. The health insurers also offer a grace period during which the premium payment of your renewed plan can be made. This enables the policyholders to get extra days to cover up the expenses.
Must Read: Factors To Consider When Renewing Health Insurance Plans Online
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Tax Savings Benefits
All the policyholders, who are also taxpayers are eligible for tax saving perks on their premium payments. This provision is provided to the policyholders under the Section 80D of Income Tax Act. If a policyholder is not satisfied with the tax benefits of a certain insurer, then they can port their plans to some other health insurance provider.
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Go Through The Policy Terms Carefully
At the time of renewing your health insurance plan, the policyholders must carefully read the policy terms to make sure that all the necessary inclusions have been made by the insurer. If there are any discrepancies, then you can get them sorted with the help of the insurers. The fine print of the plan must be read with utmost care to avoid any inconvenience at the time of the claim settlement process.
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Disclose Your Latest Health Profile
Health insurance plans are renewed after a certain period of time, during which your health profile is possible to change. Therefore, if you experience any major or minor medical condition, then you must inform the insurer about it, to make sure that in case of claim settlement for the respective condition, the request is approved. To enjoy the policy benefits, you must never lie about your health to your health insurance provider, as it can be legally registered under fraud by the insurer.
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Opt For A Higher Sum Assured
You can make any changes at the time of renewal of your health insurance policy. Therefore, when renewing your health insurance plan, you must analyze your latest requirements and then accordingly, get the sufficient coverage. You can add new members or remove a member from your family floater health insurance plan. You can increase your premium rate based on your financial budget, to enjoy more benefits at the time of the claim settlement process.
Conclusion
You can follow the above-mentioned tips to get your health insurance plan renewed on time without any hassles. At the time of renewing your health insurance plan, you must carefully go through the policy conditions, to make sure that necessary inclusion has been made to meet your requirements at an affordable rate.
Also Read: What Is The Grace Period For Health Insurance Renewal?
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.
