Do you have any idea what happens towards the end of your health policy tenure of 1, 2, or 3 years? Health insurance renewal is the next step to enjoying continued health insurance benefits.
Health insurance renewal online is the perfect opportunity to review your ongoing health plan and make necessary changes.
You can opt for the changes mentioned below at the time of health policy renewal subject to availability:
For further clarification of the health insurance renewal process keep on reading!
Mr Akash was rushed for an emergency hospitalization due to an accident. The insured individual was a family floater policyholder and had a policyholder card, purchased in 2022.
However, after a week when Mr Akash was discharged from the hospital, the bill was not settled by their health insurer. Upon further inquiry, Mr Akash's family discovered that their family floater health plan had lapsed.
The explanation is simple: the claim was rejected due to missing timely health insurance renewal. This small mistake led to Mr. Akash paying the entire hospital bill out of pocket.
Health Insurance renewal is the process of enjoying continued health insurance benefits without any breaks. Your health plan can be renewed online via simple steps specified by your insurer.
Health insurance policy renewal is a simple process. Follow the steps as mentioned below:
Visit the official website of your health insurance provider
Click on health insurance tab/ buy
Check and review your health policy details
Renew your health plan via UPI/debit or credit card payment
You can renew your Health Insurance policy through online or offline mode as per your convenience. Most companies offer an online renewal facility as it offers various benefits such as:
The grace period is the period a health insurer provides you to renew your health plan if you have missed your deadline for health insurance renewal.
These are the few extra days offered to you by the insurer.
You could renew your Health Plan with your existing Insurer or choose a New Insurer. IRDAI gives you the right to port your policy from an existing Insurance Company to any other Insurance Company of your choice.
While renewal, you have the opportunity to explore other plans & Insurers which could meet your requirements in a better manner. There is also an opportunity to weigh premiums against the benefits you're receiving. Therefore, continuing your policy with your existing Insurance Company or choosing a new Insurer totally depends on the kind of medical requirements that you & your family have.
However, renewing the Health Policy with the existing Insurer offers various benefits such as No Claim Bonus, Waiting Period Benefits, and continuous protection.
These are some common consequences you will face if you fail to renew your health insurance policy
Consequences | How It Will Affect You? |
Your Claim Will Be Rejected | You will have to pay the hospital bill out of your pocket at times of health emergencies. |
Re-serving waiting period | You will have to serve the waiting periods mentioned in the policy schedule on repurchase of a health plan |
Losing no-claim bonus | The no-claim bonus you accumulated during the policy period will be lost if you miss timely renewals |
Health check-ups | You will have to undergo a pre-policy check-up increasing chances of higher premium prices. |
You must consider this as your health insurance policy renewal checklist
Always renew your health insurance policy within the defined time frame provided by your insurers. Health insurance providers will send you notifications well in advance regarding your health insurance renewal.
If you have missed out on your health policy renewal, do not lose your mind. You can renew your health insurance within the grace period.
The grace period is the period a health insurer will provide you after you have missed your health insurance renewal deadline.
Health insurance renewal is the right time to review your health plan. You can modify the following things during the renewal
Health insurance renewals are the right time to re-evaluate all the terms and conditions of your existing health insurance plan.
Go through your policy schedule and keep yourself up to date regarding the policy schedule to save time and effort in emergencies.
A common mistake a lot of us make - with growing age, the human body is prone to health ailments. If you have a family history of major ailments like cancer, heart ailments, etc. it is advised to purchase suitable riders at the time of renewal of your health plan.
At the time of health insurance renewal, calculate and inquire about all the rewards earned throughout the policy term.
If you had a claim-free year, your sum insured will increase by a defined percentage. Similarly, if you complete your fitness goals you will get renewal premium discounts.
Health insurance renewal is a simple yet effective process that if done right will benefit you in the long run.
Making a habit of regular health insurance renewals will not only provide you with continued coverage but also give you accumulated benefits and rewards.
Loyalty discounts, no-claim bonuses, and fitness rewards to name a few are provided to you as policyholders on regular health insurance renewals.
Do not miss out on your renewals and the resultant benefits.
Contact our expert team at PolicyX and find out the renewal process for your health plan.
Yes, it is mandatory to renew health plans if you wish to enjoy uninterrupted medical care from your insurance provider.
No, health insurance renewal is done via online or offline methods. Your health insurer will inform you about your health insurance renewal due date well in advance. This will help you with your timely health insurance renewals.
No, you are not eligible to port or change your health insurance provider at the time of health insurance renewal.
Health insurance renewals are scheduled at the same time as your policy tenure. If you have invested in a health plan for 1 year, policy renewal will be scheduled at the same time for continued benefit.
The grace period refers to the number of days you are entitled to after surpassing your renewal period. It varies from insurer to insurer and at times, from policy to policy.
If you already have a Health Insurance plan but want to extend your Sum Insured, you can do it at the time of renewal of the policy.
Yes, some Insurance companies offer loyalty benefits under which they offer some discount on Renewing the policy from the same company.
The Insurance Company will send you renewal reminders on your registered mobile number/e-mail address or you can check the policy expiry date on the hard copy of your policy documents.
No, but if you want to enjoy your health insurance coverage and renewal discounts with additional features then it is essential to timely renew your health insurance policy.
It entirely depends on factors such as enhanced coverage options
The grace period is the time frame granted to customers by various insurance companies during which they can renew their health insurance coverage. The insurer will provide you with a grace period ranging from 15 to 30 days depending on the insurance provider.
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