Health Insurance Renewal
There is a set period of validity that comes with every health insurance plan. A health insurance plan can have a policy tenure of one year, two years, or three years, beyond which it demands renewal. If the insurance is not renewed in a timely manner, it will lapse, and the insured person would forfeit all accrued benefits, including waiting for period benefit and no claim bonus.
It only takes a few minutes to renew your health insurance policy. A health insurance policy can be renewed either online or offline, depending on the user’s preference. Most health insurance companies provide an online renewal option because it saves customers time and allows them to pay in a variety of ways. Regardless of mode, health insurance renewal must be prioritized.
What Are The Benefits Of Renewing Your Health Insurance Plan?
Renewal of health insurance plan offers the following benefits to the policyholder:
- Tax Benefits: The policyholder becomes eligible for tax benefits under Section 80D of the Income Tax Act of 1961 when they purchase a health insurance policy. To keep receiving tax benefits, one must renew their health insurance policy on a regular basis.
- Uninterrupted Protection: Most health insurance firms do not offer health insurance to customers over a specific age. This is because, as people get older, they are more likely to have pre-existing diseases or chronic ailments. To avoid a situation in which one needs health insurance but is unable to obtain it, one should obtain it as soon as possible. Renewing health insurance on time ensures that you are protected even at an age when you are no longer eligible to buy a new health insurance plan.
- To Avoid Higher Premium: In case your policy lapses, you are required to pay a higher premium for buying the policy again. Therefore, renewing your health insurance policy is vital to avoid paying higher premium amounts.
Steps For Renewing Health Insurance Plan
Renewing your health insurance plan online is a simple and fast process. All you need to do is to follow the below-mentioned steps:
Standard Renewal Method
- Go to the top of this page, where you’ll find “Renew Health Insurance”.
- Select your insurer and you will be directed towards the company’s page.
- Enter your policy number and various other details asked by the company’s page, and then click on “Renew”.
- Make the payment online and then your policy will be renewed successfully.
For Lapsed Policy
If you are unable to renew your health insurance coverage by the renewal date, the insurer will grant you a 30-day grace period to do so. Your coverage will be revived if you pay the payment within the next 30 days. However, if you do not renew your policy during the grace period, it will become lapsed and will not be reactivated. The only option will be to get a new health insurance policy, which will require you to serve a new waiting period.
Below are the steps you need to follow if your health insurance policy has lapsed.
- Visit the official website of the company. From the list of the health insurance policies, choose the one plan that has lapsed and you wish to renew.
- Read the terms and conditions of the plan and then complete the purchasing process. You can make the payment online via debit cards, credit cards, or internet banking.
- Once you have purchased the policy, the policy details will be sent to your registered mail address and phone number.
You also have the option to choose another health insurance plan to meet your needs.
What Are The Things To Remember While Renewing Your Health Insurance Plan?
The following are some of the things to keep in mind when renewing your health insurance plan:
- Any New Illness Or Condition Should Be Disclosed
Health insurance is a yearly agreement with some terms and conditions. However, there may be some substantial alterations in your health profile throughout this time. To be safe, and in accordance with the concept of utmost good faith, it is recommended that you notify your insurance company about any new illness or condition.
- Your Legal Heir Should Be Informed
After you’ve renewed your health insurance coverage, make sure your spouse and any legal heirs are aware of any modifications you’ve made. Make sure you’ve saved the receipt somewhere safe where your family can find it anytime they need it. Additionally, save a copy of your receipts for your tax records.
- Carefully Read Policy Documents
While renewing your health insurance plan, read the insurance paperwork thoroughly and look for terms and conditions such as the renewal clause, exclusions, claim procedures, and so on.
- Reconsider Your Sum Insured
You may only change the sum insured of your health insurance policy when you renew it. So, if you’re going to renew your sum insured policy, you should re-evaluate the sum insured criteria. If your insurer allows it, you can supplement your health insurance coverage with an add-on cover in addition to the sum insured.
- Look For Portability Option
If you do not agree to the modifications in the plan’s terms and conditions, you can switch your insurance plan to a different insurance provider or switch your plan to another health insurance plan during the renewal process.
Frequently Asked Questions
Here’s the list of the frequently asked questions related to the health insurance policy.
Yes. If the insured person chooses to add extra family members to the policy after a certain amount of time, they can do so at the time of policy renewal. Furthermore, throughout the renewal process, the policyholder has the ability to withdraw members from the policy and make any necessary adjustments.
Yes. At the time of renewal, you have the option of transferring your health insurance coverage to another company. “Insurance portability” is the phrase for this feature.
Due to two factors, you may be required to pay an increased health insurance premium when your policy is renewed. Firstly, because of the age of the policyholder, and secondly, because most health insurance plans are only for a year.
Renewal of health insurance is not guaranteed by submitting an application. A policy can only be renewed if both the insurer and the insured agree to it. This means that an insurance company has the authority to refuse to renew a policy.