Health Insurance Renewal
Every health insurance renewal is valid for a fixed period of 1, 2 or 3 years. Beyond this tenure, the policy needs to be renewed. Renewal of health insurance is a must to continue to enjoy the benefits of the policy cover. The health insurance that you have purchased can be renewed through the portal of your health insurance provider or InsuranceDekho.
Health insurance plans come with a specific duration. Generally, they are valid for a fixed period of 1, 2 or 3 years. After this period and before policy expiration, the plan needs to be renewed so that the policyholder can enjoy policy benefits. In case a policy is not renewed and gets lapsed, then the policyholder will lose the accumulated benefits such as No Claim Bonus or waiting period benefits and will again have to purchase the policy which might be a daunting task.
Renewing health insurance policy is just a matter of a few minutes. One can renew a health insurance policy via online or offline mode as per their convenience. Most health insurance companies offer the online renewal facility as it not only saves customer’s time but also offers them flexible payment options. No matter which mode, one must keep health insurance renewal on priority.
Benefits of Renewing Health Insurance Plans Before Expiry
Apart from uninterrupted peace, renewing health insurance plans on-time offer you the following benefits:
- Continuous Protection: Most health insurance companies do not offer health insurance to customers after a certain age. This is because people usually have some pre-existing diseases or chronic conditions in old age. To avoid a situation when one may need health insurance and can not get it, they should get it when they can. Renewing health insurance on time ensures continuous protection as per the terms and conditions at the policy was purchased.
- Tax Benefits: On purchasing a health insurance policy, the policyholder becomes eligible for tax benefits under Section 80D of the Income Tax Act, 1961. To continue availing tax benefits, one should timely renew their health insurance policy.
Health Insurance Plans Become More Expensive With Age
The younger you are at the time of being covered under a health insurance policy, the lower your health insurance premiums will be. So, if you let your existing health insurance policy lapse, then you might not get a policy at the same health insurance premium, it becomes an expensive proportion in life.
How to Renew Health Insurance Policy Online?
Step 1: Visit InsuraceDekho and click the ‘HEALTH.’
Step 2: Go to the menu bar and click ‘Renewal.’
Step 3: Provide the basic details like policy number and expiry date. Your details will automatically get fetched.
Step 4: Fill in other details if required.
Step 5: Make the payment by using your debit/credit card or net banking.
Step 6: On successful payment, a digitally signed copy of the policy will get generated and sent to your registered email id.
Step 7: Get a print of the issued policy to retain in a paper form.
Note: While renewing the policy, you can choose to increase the sum insured limit of your policy.
Health Insurance Renewal Online Process - Through the Insurer’s Website
Health insurance renewal is an easy process, especially when done online. One can renew their health insurance policy online through the insurer’s website by following the steps given below:
Step 1: Visit the official website of the insurance company.
Step 2: Go to the health insurance renewal section available on the website.
Step 3: Enter your previous health insurance policy number and registered mobile number.
Step 4: Check the policy details and the policy renewal premium.
Step 5: Make the payment using your credit/debit card or Net banking.
Things to Consider When Renewing a Health Insurance Policy
Here are a few things to consider when renewing a health insurance policy:
- Health Insurance Requirements: Reviewing health insurance requirements for self and family is the first thing anyone should think of when planning to renew their health insurance policy. It is most essential in case of new additions, which may be a newborn or even a new disease. This is because then you will have to ask the insurance company for additional coverage, calling for the policy review.
- Portability Option: The Insurance Regulatory and Development Authority of India (IRDAI) allows the policyholders to port their health insurance plans in case they are not satisfied with their current insurer in terms of service benefits. However, the option can be availed only at the time of renewal by intimating the insurance company at least 45 days ahead of the scheduled policy expiration. The policyholders can avail of this benefit without losing any accumulated benefits like No Claim Bonus or waiting period benefits. So in case of dissatisfaction, it is advised to give a thought to portability option at the time of renewal.
- Review Renewal Terms: Insurance companies send the policyholders a renewal reminder email before 45 days of the policy expiry wherein they mention the policy details such as sum insured, No Claim Bonus, number of claims, types of claims, etc. The policyholders must check the details and diligently inform the insurance company in case of any discrepancies.
Tips to Renew Health Insurance Online
Here are some tips that will help you make an informed decision when getting your health insurance policy renewed:
- Policy Renewal Before Expiry: The policyholder must remember the due date for policy renewal. This is because if he/she fails to renew health insurance on time, the insurance company provides a 15-30 day grace period to pay the due premium. Still, if the premium is not paid during the grace period, then the health insurance policy lapses and the insured will not be able to avail accumulated benefits if any.
- Tax Benefits: Premiums paid for health insurance policies are subject to tax deductions under Section 80D of the Income Tax Act, 1961. In order to avail better tax benefits, one can even change the policyholder at the time of renewal.
- Read Policy Documents Carefully: Thoroughly read the policy documents and check for the terms and conditions like renewal clause, exclusions, claim guidelines, etc.
- Disclose New Illnesses at the Time of Renewal: To ensure a smooth claim settlement process in the future, one must be honest with the medical details furnished not only at the time of policy purchase but at the time of renewal too.
- Opt For a Higher Sum Insured: Policyholders get the flexibility to increase the existing sum insured amount at the time of policy renewal. One can opt for a higher sum insured amount after undergoing medical tests and revision of claim history. Note that the policyholder can not opt for a sum insured option higher than the maximum sum insured option available under a policy. In that case, the policyholder can go for a top-up health insurance policy or a super top-up health insurance policy.
Note that applying for health insurance renewal does not confirm the renewal. A policy can only be renewed with the mutual consent of the insurer and the insured. This means an insurance company has the right to deny health insurance renewal. Also, the terms and conditions and the premium are at the discretion of the insurer.
Factors To Consider While Renewing Your Health Insurance Policy
- Make sure whether you want to revise the sum insured limit as it can be done only at the time of renewal.
- A minimum of 15 days grace period is given from the expiry date to renew the policy.
- However, it’s good to renew it before the expiry date.
- If the policy lapses, you will lose ‘no claim bonus’ and waiting period benefits.
- Check the availability of after-sales customer support offered by the insurer.
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Health Insurance Renewal FAQs
Can I renew my health insurance policy after the expiry date?
Generally, a minimum of 15 days of the grace period is given after the expiry date. However, if you fail to renew within this period due to negligence, you will need to buy a new policy. If you have earned any bonuses on our previous policy, this bonus will be taken back. But, you will have to go through a waiting period of 2 to 4 years.
Will I get reminders for the policy renewal before the expiry date?
Yes, depending on the insurance company you have chosen, you will get reminders for the renewal via email or text message. But, the insurers are not obliged to do so. You are solely responsible for renewing your policy on time.
Is it possible to modify my add-on covers while renewing health insurance policy?
Yes. You have an option to opt-in or opt-out add-on covers while renewing your health insurance policy.
How long does online renewal of a health insurance policy take?
As soon as you fill your details and make the payment, the policy will be renewed and sent to your registered email id.
Can I renew my health insurance policy through InsuranceDekho website?
Yes, you can renew your health insurance policy through InsuranceDekho website.
What will happen if I miss the renewal premium due date?
The consequences of not paying the health insurance premium on time are listed below:
- No coverage: In case a health insurance claim is made after the due date, then you will not be able to get cover for the same even if it is made during the grace period.
- Request for policy renewal can be rejected: An insurance company has the right to reject your request for policy renewal even if you are ready to pay the health insurance premium. Also, you may lose the lifetime renewability benefit if there is a break between the policy.
- No Claim Bonus: Health insurance companies offer you No Claim Bonus which is a reward for not making any claim during a policy year. If you do not renew your health insurance policy on time, then you may lose this benefit.
- Waiting periods will be applied again: Generally, there is a waiting period of 36 months-48 months under health insurance plans for pre-existing diseases. If you fail to renew your health insurance plan on time, then you will be treated as a new policy buyer.
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