Health & Fitness
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Here's Your Smart Guide to Health Insurance Policy Renewal

Health Policy Renewal The importance of a health insurance policy is undeniable today. Recognizing this, if you bought one in the last year or are planning to, you should keep certain things in mind. Like buying a health insurance policy is essential; in the same manner, on-time renewal is crucial. You and your family would want to continue enjoying the benefits of the health insurance policy.

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Moreover, renewing it every year means being responsible enough to continue offering care and protection to your loved ones. But there are a few factors that you should keep in mind before you renew your health insurance policy:

  • Renewal Timeline
On-time health insurance policy renewal is highly essential. While some insurance companies send a renewal notice, some do not. But it will be beneficial for you to renew your policy before the expiry date. Usually, the grace period provided is 15 to 30 days before your policy lapse.

According to the insurance regulator of the country, there will be no coverage during the lapse period. Plus, there are chances of missing the waiting period for pre-existing diseases and the benefit of lifelong renewability. Also, if the policy gets lapsed, you will lose the benefit of critical illness cover, no-claim bonus, and tax exemption. Thus, make sure to renew your policy on time.

  • Addition or Exclusion of Members
At the time of health insurance policy renewal, you can add more family members to the policy. And in case any of your family members are not around anymore, you can opt for the deletion of the name from the plan during renewal.

  • Updating the Information
Health Policy Renewal If you want to change the policyholder, you can do so at the time of renewal. For instance, you can take the health insurance policy in your parents' name and claim tax exemption under Section 80D.

Also, in case you have recently moved to a new place, you can update your current address during policy renewal.

  • Increase Your Sum Assured
With a growing family, there are high chances that your insurance requirements will also increase. So, when it is the time for renewal of your health insurance policy, you can increase the sum assured. However, at this juncture, your insurance company might require a pre-medical test and no claim history. It would be best to keep in mind that the waiting period will be applicable for the increased amount.

  • Explore the Top-up Plan
Many times, your sum assured may be equal to the maximum coverage allowed under the health insurance policy. In such a case, there is no option for increasing the sum assured. Thus, if you want additional coverage, you can explore the top-up plans at the time of your health insurance policy renewal.

  • Disclose Changes in Medical Condition
Generally, health insurances are a yearly contract. Hence, a new contract is made on the same terms and conditions at the time of renewal unless notified otherwise. Sometimes, there may be a possibility that there is a change in your medical condition during the year.

So, you must inform your insurance provider about the changes in your health condition. Doing so will prevent you from facing rejection at the time of the claim. Make sure that you get your medical condition checked and have documents supporting it.

Keep these factors in mind before your health insurance policy renewal. Once you cross-check this list, you can opt for the online renewal procedure. Just follow these simple steps:

  1. Visit the insurance company's website.
  2. Provide all the required details such as policy number, expiry date, and others.
  3. Using the net banking or card facility, pay the premium amount.
  4. After the authorization of the payment, a digitally signed copy will be issued. You can print the document and retain it in paper form for future reference.
  5. Later you can check the relevant details using the username and password.
Well, now that you know all about the health insurance policy and the renewal procedure, make sure to buy a comprehensive plan. You can choose reliable insurers like Tata AIG. They have a proactive team that will help you understand the policy wordings in detail and are available for solving your queries at all times.

Image Credits:
Image 1: Image by Marco Verch Professional Photographer on Flickr

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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 24th April 2021.

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