Endorsements in Health Insurance
  • Understanding the Concept
  • Endorsement Types
  • Importance of Endorsements
Endorsements in Health Insurance
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Endorsement in Health Insurance: An Introduction

Health insurance policy terms and conditions can not be changed once bought! One of the biggest myths among insurance buyers. However, the reality of health insurance is different. Health insurance is a big financial decision, meaning that every detail you fill in in your form will be correct.

We thought so too! However, insurance buyers need to correct small mistakes such as misspelling your name and address goof up, selecting the wrong add-ons, and more. So, can you change these mistakes?

Yes!

Changes in your health insurance policy can be made. These are called endorsements in health insurance. Endorsements in health insurance require you to submit multiple documents and follow a step-by-step process implemented by your health insurance provider.

We have mentioned everything you need to know about endorsements in health insurance.

What is Endorsement in Health Insurance?

Endorsements refer to any changes or additions made to your existing health insurance policy. Endorsements can be done at the time of renewal, or in the middle of the policy.

Let us understand the same with an example:

Akshita, a 25-year-old girl, unmarried staying in Mumbai had purchased a health insurance plan in 2019. In March 2024 she got married and wanted to add her husband to her health policy along with moving base from Mumbai to Bangalore.

Akshita wants to make adjustments to her health insurance plan post-marriage. For her convenience, her health insurance provider tells her about endorsements in health insurance which can help her make the desired changes.

Endorsements in Health Insurance: Why Are They Important?

Endorsements in health insurance play a pivotal role in your life.

  • By helping you modify your health plan in case any correction in details is required.
  • By allowing you to keep your health insurance up to date through the addition of the latest riders, add-ons, and other features unleashing the true potential of your health plan.
  • Helps save your money as endorsements are mostly done without any additional charges or minimal charges depending on your health plan.

Understanding Different Types Of Endorsements

There are 2 types of endorsements in health insurance:

  1. Financial Endorsements

    These are payment-related endorsements, which will affect your premiums directly. These financial endorsements can be opted for during the time of policy renewal.

    • Change of birth date which has a direct impact on your age
    • If you are moving to a Tier 1 city from a Tier 2 or 3 city, it is expected that your health premiums will increase. However, the decrease of premiums may also happen, if you move to Tier 2 or 3 city from a Tier 1 city.
    • If you are opting for riders, it will affect your premiums directly
    • Increasing or decreasing your sum insured
    • Adding family members or removing family members from health insurance coverage
  2. Non-financial Endorsements

    Non-financial endorsements do not have any effect on premiums and are changes that can be carried out at any point during the active policy period.

    • Changes made in your name
    • Updating contact information such as mobile number, email address, etc.
    • Changing details like - education, bank accounts, marital status, Aadhar card, etc.

Process of Endorsement in Health Insurance

The process of endorsement in health insurance is as easy as 1-2-3. Here are the steps to follow:

  • Step 1

    Inform your health insurer of the endorsements to be made.

  • Step 2

    Provide the necessary documents required for the modifications to be made.

  • Step 3

    Your health insurance provider will make the necessary changes. However, some changes are required to be made online by the policyholder. In that case, you will be provided with online links to make the necessary changes.

  • Step 4

    You will receive a confirmation email regarding health insurance endorsements/changes.

  • Step 5

    Your health insurer will send you updated policy documents with the final health insurance changes made.

The Final Verdict

Endorsements in health insurance can help you unlock the highest potential of your health plan. It saves you from extravagant premiums and allows you to modify your health plan as per the market standard with all the latest features. The process of endorsements is an easy one and requires a few hours of your time.

If you want to make changes in your health plan and are unsure if they are possible, endorsements in health insurance are your answer. Connect with our insurance experts at PolicyX to learn more about it.

Endorsement In Health Insurance : FAQ's

1. What is an endorsement in health insurance?

Endorsements in health insurance are changes or modifications in your existing terms and conditions. Health insurance can be endorsed at the time of policy renewal or mid-policy as per the health insurance provider.

2. What are considered endorsements in health insurance?

Endorsements in health insurance are:

  • Change in address
  • Phone number
  • Sum insured amount
  • Members covered in the plan, etc.

3. What are the types of endorsements in health insurance?

Types of health insurance endorsements are:

  • Financial Endorsements - the ones that affect premiums directly and can only be applied during the renewal of your health insurance.
  • Non-financial Endorsements - which are general and can be applied mid-policy.

4. Can endorsements affect my overall premiums?

Yes, if endorsements are financial changes such as a change in sum insured, number of family members covered, or city change.

5. Can I apply for health insurance endorsements mid-policy?

Yes, you can apply for health insurance endorsements mid-policy depending on the changes to be made.

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Simran Kaur Vij

Written By: Simran Kaur Vij

Simran is an insurance expert with more than 3 years of experience in the industry. She may have all the answers to your insurance queries. With a background in Banking, she proactively helps her readers to stay on par with all the latest Insurance industry developments.