Health Insurance Renewal

Health Insurance Renewal: 10 Key steps to follow

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Given the spiraling cost of healthcare in India, owning a health insurance policy is a necessity for everyone. The same goes for the renewal of health insurance plans, which must be done on time. The fact that in the year 2021, the health insurance sector of India acquired a cumulative direct premium income of approximately 637 billion INR is a clear indicator of how many people now value the benefits a health insurance policy provides. (Statista)

Today, a large number of insurance providers offer the option of online health insurance renewal. In addition to being hassle-free, the online renewal process also saves a significant amount of time and money. Additionally, the timely renewal of a health insurance policy guarantees the availability of an optimum level of coverage.

Continue reading to learn the 10 basic steps to renew the best health insurance in India.

Grace period during health insurance renewal

At the time of renewing health insurance policies, all policyholders enjoy grace period benefits. Even if your policy has already expired, a grace period gives you an additional window of time to renew it. In India, a grace period of 15 or 30 days is provided by the majority of health insurance plans.

Even though no insurance coverage is offered during the grace period, the policy doesn’t expire. If you fail to renew your policy, even within the grace period, you risk losing your accrued benefits, such as waiting period benefits.

Advantages of renewing a health insurance policy before the expiry

Listed below are some of the major benefits of timely health insurance renewal –

  • Continued coverage: This is probably the most obvious reason why experts keep stressing the need for the timely renewal of health insurance. This is because the moment your health insurance plan expires, you are no more covered under a policy. Now, accidents and medical crises can hit at any time and they do not come with an intimation. So, to stay covered under a health insurance plan, you should get your health plan renewed on time.
  • Retaining no claim bonus: For every year, you go without making a claim, you get a reward from the insurance provider either in the form of a discount on the premium amount or an addition to the insured sum at the existing premium pay. And these rewards go on accumulating. When you fail to renew your health insurance plan on time, you lose these benefits that you had been accumulating. To keep the NCB intact, ensure timely health insurance renewal.
  • No additional waiting period: Usually, every health insurance plan comes with a waiting period. This is a period that starts from the time the policy comes into effect and extends up to one or two years, within which the policyholder cannot raise a claim. The insured can make claims against the policy only after the waiting period is over. The moment you fail to renew your policy in time, your policy lapses, and so does the waiting period that you have covered.
  • No change in the pre-existing clause: Failing to renew your health insurance policy will time will make your policy invalid. You will have to get a fresh new policy. In such a scenario you will have to agree to the conditions related to pre-existing diseases once more, which you probably have already covered in your erstwhile health insurance plan.
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Steps to renew health insurance online

In availing the best health insurance in India, you may have put in a lot of research. But just buying a robust policy is not enough. You have to keep it valid and active as well, for which you must renew your health insurance plan on time.

Follow the steps mentioned below to renew your policy online:

Step 1: Visit the company’s official website.

Step 2: Go to the insurance renewal section on the website.

Step 3: Fill in details such as policy number, registered mobile number and more.

Step  4: Once you’ve entered the correct details, you will be displayed with your current policy details.

Step 5: Choose any new add-ons or modifications you might want to make to your current policy.

Step 6:  After you’ve made the modifications as per your preferences, verify the complete information and move ahead to the payment page.

Step 7:  Now, you can use your internet banking facility or debit/credit card or UPI id to make the payment r

Step 8: As soon as the payment has been made, you will receive an email or an SMS on your registered mobile number confirming the receipt of payment.

Step 9:  You will receive the payment receipt and the renewed policy through email within 24 hours.

Things to keep in mind during health insurance renewal

When it comes to renewing your health insurance policy, there are a lot of factors to consider to prevent any future problems. Some of them are –

Renew your insurance policy before the due date: Don’t wait until the last minute to renew your health insurance policy. Make it a habit to renew your health insurance before its due date. If you fail to renew your policy before the due date, a grace period of up to 30 days may be provided to you based on the policy specifications.  If you choose to not pay the premium even during the grace period, your coverage will expire.

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According to the regulations of the IRDAI, if your policy has expired, you do not have access to any health insurance coverage. Furthermore, if you do not renew your insurance within 90 days of its expiration, you risk losing your NCB benefit.

Review your health insurance needs: You must assess your insurance needs while renewing your health insurance policy. Review the coverage provided by the current policy and add or remove any coverage as necessary. This is the perfect time to include a family member in the policy. Furthermore, during the health insurance renewal process, you can add or remove any riders.

Make revisions to the sum insured under your policy: When assessing your health insurance needs, make sure to check the sum insured of your health insurance coverage. When renewing your coverage, you must increase your sum insured if you believe it to be insufficient.

Nowadays, having a health insurance policy is crucial for guaranteeing your family’s financial safety in the event of a medical emergency. So, make it a priority to get your hands on the best health insurance in India and also to keep it from expiring. Therefore, ensure timely health insurance renewal to stay ahead of skyrocketing medical costs and benefit from uninterrupted health coverage.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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