Health Insurance Renewal

A Health Insurance Policy is only valid for a certain period of time, the duration of which could be 1-3 years. Beyond this duration, you need to renew your policy to continue availing of the benefits under it. If you want to retain the coverage under the plan after the stipulated time period, you must renew your plan.

Renewal of Health Insurance is recharging your policy for availing of continued advantages.

Renewal is significant for reactivation of the coverage under the Health Insurance Plan.

If you do not renew your policy before its expiry date, it will lapse and you will lose all the benefits such as Waiting Period Benefits and No Claim Bonus. To resume availing the benefits of Health Insurance, you would have to purchase the policy again, which could be a daunting task.

Should I Renew my Health Policy or Not?

You might be wondering if you should get your Health Plan renewed or not. At the moment, you might be keeping well & not finding it important to renew your policy. However, life is uncertain & Medical Emergencies can knock at your door without any kind of prior intimation.

You might get diagnosed with an ailment tomorrow & Health Insurance would prove to be beneficial at that point in time.

Hence, we recommend you to renew your policy on time, as it provides continuous financial coverage and protection at any stage of life.

Should I Renew my Health Plan with my Existing Insurer or Choose a New 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.

Benefits of Health Insurance Renewal on Time

Renewing Health Insurance on time offers you the following benefits:

Things to remember while renewing Health Insurance

There are several points that every policyholder needs to remember while renewing a Health Insurance policy:

1. Renew before the Expiry Date

   You need to renew your policy before the expiry date. Your Insurance Company will send you the renewal notice and there will be a 15 days grace period from the expiry date to renew your policy. But, once the policy lapses, you will lose the Waiting Period benefits and No Claim Bonus.

2. Review your Health Insurance Requirement

   You need to review your Health Insurance requirements as it is an important factor when it comes to insurance and personal finance.

3. Revise your Sum Assured

   You can revise your Sum Assured amount as per your requirements, it can only be done while renewing the policy.

4. Check changes in Terms and Conditions

   According to the rules & regulations of IRDAI, the Terms and Conditions will remain unchanged while renewing the policy. Any changes in benefits and premiums can be done only after IRDAI's approval.

5. Deletion and Addition of Family Members

   In the Family Floater Health Plan, you can add any new member while renewing the policy. Moreover, you can delete the name of any family member from the policy at the time of renewal.

What Happens If You Do Not Renew your Health Policy?

If you don't renew your Health Policy on time, you might face the following problems:

Health Insurance Renewal Process

You can renew your policy from the official website of the company or through PolicyX.com.

I. Through Company's Official Website

II. Via PolicyX.com

Benefits of Renewing Health Insurance Online

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: