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Unforeseen medical costs can severely impact a family’s savings, especially during emergency hospitalisation. A health insurance policy is not just a policy; your protection net saves you from unanticipated clinical costs. Regularly paying premiums allows policyholders to get coverage for a specified policy term. Policyholders should renew their policies on time to ensure their benefits remain uninterrupted. Most people ignore the crucial step, timely renewal. Missing the health policy renewal on time causes policy lapses, benefits loss, and economic anxiety during an emergency.
If you want to renew health insurance online quickly and easily, read this blog until the end.
What is Health Insurance Renewal?
Health insurance policy renewal involves extending your current coverage during its expiry period. Policyholders usually must renew their health policy annually to ensure continuity of care, coverage for pre-existing diseases, cumulative bonuses, etc.
When Should You Renew Your Health Policy?
You must not delay the process and always try to initiate health insurance policy renewal before the expiry date, ideally 15-30 days in advance. Some insurance providers also offer a grace period of 15 days. However, it is crucial to note that one cannot make any claims during this period.
Benefits of Online Health Insurance Renewal
With timely policy renewal, policyholders can enjoy several benefits. Some significant benefits are listed below:
- A policyholder can renew health insurance policy with just a few clicks and enjoy benefits such as a no-claim bonus and coverage for a pre-existing ailment.
- Health insurance renewability is lifelong. Policyholders do not need to buy a new policy after completing the duration. They can renew it year after year.
- Policyholders can port their current policy into any other individual health insurance products, and credit shall be given for the number of years of continuous coverage under the policy for the standard waiting period.
Online Process for Health Insurance Renewal
The online procedure for health policy renewal is entirely hassle-free. The steps are as follows:
- Intimation: The policyholder should inform the customer support team and request to renew the health insurance policy within the period before the policy expires.
- Provide Relevant Details: Policyholders should provide complete details, including the policy number and contact details, and whether they have added a new family member under the same policy or opted for a higher sum insured, etc.
- Secure Payment: You can pay for individual health policy renewal through any digital mode, such as a credit card, debit card, or net banking. It is safe and secure.
Things to Note While Renewing a Health Insurance Policy
Mediclaim policy renewal is no longer a daunting task. Below are some essential things to note while you renew health insurance online:
- The policy will automatically terminate on the end date of the policy period. All renewal applications should reach us on or before that date.
- It is essential to keep track of the policy expiration date. Notifications are sent to policyholders to remind them about policy renewal.
- If the policyholder fails to renew health insurance policy within the specified time, they have another chance in the form of a grace period. Usually, this period is for 15 days, within which the insured must pay the renewal premium cost.
- When opting to renew health insurance online, policyholders can switch to another insurer if they prefer to. They should inform the existing insurer within the stated period.
- Claims between the policy's expiry and renewal date may not be considered. Hence, renewing the policy before it expires is recommended.
- When planning to renew the health policy, it is advisable to re-evaluate one's insurance needs. Given the steady rise in healthcare costs, opting for a higher sum insured is wise.
- When opting for health policy renewal, check the policy terms and conditions. As per the Insurance Regulatory and Development Authority of India (IRDAI), any policy benefits or premium change can be effected only with the insurance regulator's approval and must be informed to the insurer at least three months before the renewal.
- No loading based on individual claim experience shall apply to the renewal premium payable.
- Health insurance renewal cannot be refused except for fraud, moral hazard, misrepresentation, or non-cooperation.
Not a Chore, but an Investment!!
Health Policy Renewal is not just a date in your calendar; it's your annual check for financial safety. With each renewal, you can reassess your coverage benefits, adapt to new health risks, including your growing family, and switch to more innovative and inclusive plans.
Skipping health insurance policy renewal can mean more than just a lapsed policy; it could also mean a lapsed lifeline. A well-renewed policy is not optional in a world where clinical costs are skyrocketing, and diseases enter your door without knocking. So, rethink, review, and reinforce your financial protection for the coming year.
Disclaimer: Please read the brochure and prospectus to know more about our health insurance plans cover as conditions may vary.
