Health insurance is a contract between an individual and an insurance company. The contract guarantees that the insured individuals are given the cover by the insurance company in case of any medical or health emergencies that might happen to them. It also helps to safeguard their health expenses in these emergencies.
A health insurance plan is usually valid for one year, and you need to renew it upon expiry. It allows you to review coverage and make changes in the health plan as required. Sometimes you may need to change add-ons or adjust the sum insured of the plan as per your changing lifestyle. Once you decide on the coverage, you need to find the most convenient way of renewing the policy. Considering the recent pandemic, the contactless online method seems like the best option.
Renewal of health insurance is important for making sure that the plan is still active and you are covered. Health insurance is a crucial and necessary investment for all of us, and it’s important to make sure we are doing everything we can to protect ourselves and our families. A few months ago, my friend had a health scare, but thankfully he had recently renewed the health insurance policy. Renewing their health insurance policy saved him from having to pay the full amount for the medical treatment that needed.
Health insurance companies and health care providers are constantly changing and upgrading their policies and services. Because of this, it is important to review your coverage every year to make sure you are paying the lowest rates possible while staying up-to-date on the latest changes. Oftentimes these changes may affect your coverage in ways you would not have even thought of.
Every health insurance plan comes with a validity of let's say 1 year, 2 years, or 3 years, after which it needs to be renewed. In case the policy is not renewed on time, then it will get lapsed and the insured individual will lose all the accumulated benefits including NCB, and waiting period benefits too.
Renewing a health insurance policy is just a matter of a few minutes. One can renew a health insurance policy via online or offline mode as per their convenience. Most health insurance companies offer an online renewal facility as it not only saves customers’ time but also offers them flexible payment options. No matter which mode, one must keep health insurance renewal on priority.
While renewing the policy, you can choose to increase the sum insured limit of your policy. But for this, you will be required to pay a higher premium as you would be availing of higher coverage.
The process of buying/renewing a health insurance policy online has become simple with PolicyBachat. For renewing a health insurance plan online please visit our website Policybachat.com Following are steps to purchase the health insurance policy online in our portal.
Health insurance renewal is an easy process, especially when done online. One can renew their medical insurance policy online through the insurer’s website by following the steps given below:
Step 1: Visit the official website of the insurance company.
Step 2: Go to the health insurance renewal section available on the website.
Step 3: Enter your previous health insurance policy number and registered mobile number.
Step 4: Check the policy details and the policy renewal premium.
Step 5: Make the payment using your credit/debit card or Net banking.
Health Insurance Coverage: Renewing your health insurance policy on time is important to ensure uninterrupted coverage. If your policy lapses, your medical expenses will not be covered by the insured and you may also lose your No Claim Bonus. Moreover, you need to renew your policy before expiry to get medical coverage even at an age when you are no longer eligible to buy a new policy.
Higher Premium: Health insurance policy should be renewed before expiry to avoid paying a higher premium amount. If your policy lapses, you may have to pay a higher premium to buy a new health policy.
NCB: NCB stands for No Claim Bonus. This is a bonus awarded to you in the form of an increased sum insured for not raising claims in one policy year. Since this is a renewal discount, you will lose it if the policy has a gap. Timely renewals will ensure an intact NCB cycle.
Waiting Period: The waiting period is counted for the active policy years. It will take more than the predefined amount of time to complete the waiting period in case of a lapsed policy. Thus, the timely mediclaim policy renewal ensures that the waiting period is completed as per the plan.
Grace Period: The grace period begins as soon as your policy expires. Remember that you can raise a claim only when the policy is active and not during the grace period. The grace period can last for 15 to 30 days as per the terms of the health plan. In an unfortunate case where you still don't renew the plan, you will lose all the benefits. You then have to buy a new health insurance policy. You may have to pay an additional premium, and the waiting period will reset. Thus, it is advisable to renew health insurance before expiry.
Here are some tips that will help you make an informed decision when getting your mediclaim insurance policy renewed:
Opt For a Higher Sum Insured: Policyholders get the flexibility to increase the existing sum insured amount at the time of policy renewal. One can opt for a higher sum insured amount after undergoing medical tests and revision of claim history. Note that the policyholder cannot opt for a sum insured option higher than the maximum sum insured option available under a policy. In that case, the policyholder can go for a top-up health insurance policy or a super top-up health insurance policy.
Policy Renewal before Expiry: The policyholder must remember the due date for policy renewal. This is because if he/she fails to renew health insurance on time, the insurance company provides a 15-30 day grace period to pay the due premium. Still, if the premium is not paid during the grace period, then the health insurance policy lapses, and the insured will not be able to avail of accumulated benefits if any.
Tax Benefits: Premiums paid for health insurance policies are subject to tax deductions under Section 80D of the Income Tax Act, 1961. To avail better tax benefits, one can even change the policyholder at the time of renewal.
Disclose New Illnesses at the Time of Renewal: To ensure a smooth claim settlement process in the future, one must be honest with the medical details furnished not only at the time of policy purchase but at the time of renewal too.
Read Policy Documents Carefully: Thoroughly read the policy documents and check for the terms and conditions like renewal clause, exclusions, claim guidelines, etc.
Yes, you can transfer your health insurance policy to another insurance company at the time of renewal. When you switch over to another health insurance provider, you’re no claim bonus, and waiting periods are also transferred from your previous policy. The waiting period covered under the previous plan is reduced from the waiting period of the new policy. As a result, you only have to spend the remaining waiting period to raise a claim.
A request for insurance portability should be raised at least 45 days before the expiry date of the existing policy. In case of a delay, the new insurance company can reject your portability request.
Finding a health insurance plan is a difficult task. There are many factors to consider and going through all the plans to find the best one can be a very boring process. You get to read about various health insurance plans from different sources and get confused about which one is the best. Some of them might be better for different people, depending on their requirements.
To make this task easier for us, we have created a health insurance calculator that finds the best health insurance plan for you in seconds! It only requires a few details about our requirements and provides us with an in-depth comparison of all available plans in India in just a click!
Find the best health insurance policy by logging into PolicyBachat.com. Compare & Renew Health Insurance Plans avail benefits, coverages, and Add-ons. If need Assistance call: 1800-123-4003.
The following steps are typically required to renew your health insurance coverage:
If you are looking for health insurance renewal, you should first assess the different types of plans available. Online Renewal Process for Health Insurance Plans includes Individual Health Plans,
The following are some factors to consider when choosing health insurance:
Yes, sometimes age plays a vital role in the premium increase. This can happen if you are crossing a certain age limit if you celebrated your 60th birthday during the policy period and now wish to renew the plan. Here, age would be an important factor.
