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How to Renew Your Liberty Health Insurance Policy?
Health insurance is a blessing in this era where health complications are expensive. It is not only for those who are disease-prone but for anyone who wants to secure their financial and medical future. Depending on your policy schedule, you need to renew your health insurance on time, usually once a policy year.
To help you with this, here’s a guide on how you can proceed with your Liberty Health Insurance renewal, the benefits of annual renewal, and how to avoid policy lapsation.
Liberty Health Insurance Renewal Process
You can renew your Liberty health insurance plan online or offline. Below are the steps to renew your health insurance policy:
Online Procedure
- Visit the official website of Liberty Health Insurance.
- Select your policy and proceed to ‘renewal’.
- Click on the ‘Renewal’ button.
- Fill in all the required details in the pre-authorization form (e.g., name, date of birth).
- Proceed for verification and await renewal confirmation.
- You will then be redirected to a payment gateway to pay your policy premium.
- Finally, you will receive a confirmation email and/or SMS from the company, confirming your policy renewal.
Offline Procedure
Liberty Health Insurance offers convenient offline renewal options.
To renew your Liberty Health Insurance policy offline, you need to reach out to the executives of the company. You can do so either by calling them on the toll-free number 1800-266-5844 or by visiting the nearest branch of Liberty Health Insurance.
How PolicyX Can Help You in the Liberty Health Insurance Renewal Process?
PolicyX.com is a leading policy web aggregator and policy advisor, readily available to assist its customers. We help ensure you don’t miss your health insurance policy renewal. Our comprehensive customer support ensures all your concerns are addressed quickly.
For any queries related to your health insurance policy, you can reach out to customer care at PolicyX.com at 1800-4200-269 or write an email at [email protected]. For more information or assistance with health insurance, feel free to contact us.
Why Renew Liberty Health Insurance Before Expiry?
If you’re wondering about the consequences of not renewing your health insurance policy before its expiry date, here are the benefits of proactive renewal:
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Reduced Waiting Periods
If you fail to renew your health insurance policy, you will be required to serve new waiting periods (similar to the original policy terms) for specific conditions. However, renewing the policy within the stipulated period allows you to raise claims without new waiting periods.
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Policy Amendment
Upon renewal, you can make changes such as enhancing the sum insured, adding or removing add-on covers, including or excluding family members, or choosing a different plan variant.
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Regulated and Affordable Premiums
Renewing your health policy within the given time helps avoid increased premiums that might occur if a policy lapses or expires. It also helps prevent a revised sum insured due to policy amendments or increasing age.
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No Pre-Medical Test Required
Renewing your health insurance policy ensures you don’t have to undergo any pre-medical check-ups to continue the policy. However, you must inform your insurer if you have been diagnosed with any ailment or disease during the policy period or renewal period.
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Uninterrupted Coverage
A delay in renewal may lead to a break in coverage benefits. Furthermore, the insurance company will not cover any planned or emergency hospitalization, and any claims made will be denied.
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No-Claim Bonus
If you renew your policy before its expiry, you are entitled to the cumulative No-Claim Bonus (NCB) accumulated during the policy tenure. If your policy lapses, you will lose any accumulated NCB, including enhancements to the sum insured or discounts on premiums.
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Tax Benefits
You can avail of tax benefits on the premiums paid for your health policy under Section 80D of the Income Tax Act, 1961.
How to Avoid Policy Lapse?
Failure to renew your health insurance policy can lead to its lapsation. You can avoid policy lapsation by following these guidelines:
- Stay informed about your policy’s renewal date.
- Activate email or SMS reminders.
- Utilize auto-debit to avoid missing a renewal date.
- Be aware of your policy’s grace period (typically 30 days, allowing you to continue policy benefits).
Policy Renewal vs. Policy Porting
Here’s a comparative table outlining the conditions for health insurance renewal versus policy porting:
| Specifications | Meaning | Conditions on Renewal of Policy | Conditions on Porting the Policy |
|---|---|---|---|
| Approach a new health insurer | The policyholder needs to approach a new health insurer 45-60 days before the existing policy’s premium renewal. | No | Yes |
| Fill out the proposal form | Submit the requested proposal form with all details of the previous policy. | No | Yes |
| Document verification | Requires extended verification of previous policy benefits, personal details, claim status, medical history, etc. | No | Yes |
| Final verdict of health insurer | The new insurer can accept or reject your request based on thorough verification. | No | Yes |
| Policy coverage lapsation | All coverage benefits and inclusions could be exhausted, requiring adherence to the new policy’s terms and conditions. | No | Yes |
Things to Remember While Renewing Health Insurance Policy
Keep these pointers in mind while renewing your health insurance policy:
- Policy renewal date.
- Evolving requirements for your health policy (e.g., increased coverage).
- Claim settlement experience.
- Comparative premium of the policy.
- Portability benefits (if considering a change).
- Adding or removing any family members.
- Changes in sum insured or an optional cover.
- Discounts on premium or cumulative bonuses.
- Inform your health insurer of any ailment or disease diagnosed during the policy period or up to the renewal period.
Why is there a Grace Period in the Health Insurance Policy?
The grace period is an extended timeframe immediately following your policy’s expiration date. Grace period in health insurance helps you avoid policy lapsation. For Liberty Health Insurance renewal, you typically get a grace period of 30 days to continue your policy. If premiums are paid during this grace period, you receive continuity benefits without extra charges. However, claims cannot be made during the grace period.
End Note
To continue enjoying the benefits of your health insurance policy, it must be renewed annually. It’s always advisable to review your coverage against your evolving needs. The renewal period is the ideal time to make any necessary alterations or add additional benefits to your health insurance policy.
Do you have more queries regarding your Liberty Health Insurance renewal? Feel free to contact our customer care executives at PolicyX.com at 1800 345 0330.
