Health Insurance Renewal

Every health insurance policy is valid for a fixed period of 1, 2 or 3 years. Beyond this tenure, the policy needs to be renewed. It is imperative to renew your health insurance as it allows you to continue enjoying the coverage benefits offered under it. In case a policy is not renewed before its expiry. It will get lapsed and you will lose the accumulated benefits such as No Claim Bonus or waiting period benefits and will again have to purchase the policy which might be a daunting task. The health insurance that you have purchased can be renewed either through the official website of your health insurance company or at InsuranceDekho.

Renewing 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 customer’s time but also offers them flexible payment options. No matter which mode, one must keep health insurance renewal on priority.

Apart from uninterrupted peace, health insurance policy renewal on-time offer you the following benefits:

• Continuous Protection: Most health insurance companies do not offer health insurance to customers after a certain age. This is because people usually have some pre-existing diseases or chronic conditions in old age. To avoid a situation when one may need health insurance and can not get it, they should get it when they can. Renewing health insurance on time ensures continuous protection as per the terms and conditions at which the policy was purchased.
• Tax Benefits: On purchasing a health insurance policy, the policyholder becomes eligible for tax benefits under Section 80D of the Income Tax Act, 1961. To continue availing of tax benefits, one should timely renew their health insurance policy.
• Medical Insurance Becomes More Expensive With Age: The younger you are at the time of being covered under a health insurance policy, the lower your health insurance premiums will be. So, if you let your existing health insurance policy lapse, then you might not get a policy at the same health insurance premium, it becomes an expensive proportion in life.

How to Renew Health Insurance Policy Online At InsuranceDekho?

Following are the steps to renew your health insurance policy online at InsuranceDekho:

• Visit InsuranceDekho and click on the ‘Health’ tab.
• Go to the menu bar and click ‘Renewal.’
• Provide the basic details like policy number and expiry date. Your details will automatically get fetched.
• Fill in other details if required.
• Make the payment by using your debit/credit card or net banking.
• On successful payment, a digitally signed copy of the policy will get generated and sent to your registered email id.
• Get a print of the issued policy to retain in a paper form.

Note: 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.

Health Insurance Renewal Online Process - Through the Insurer’s Website

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.

Factors To Consider When Renewing a Health Insurance Policy

When renewing your health insurance policy, you must consider the following:

• Health Insurance Requirements: Reviewing health insurance requirements for self and family is the first thing anyone should think of when planning to renew their health insurance policy. It is most essential in case of new additions, which may be a newborn or even a new disease. This is because then you will have to ask the insurance company for additional coverage, calling for the policy review.

• Portability Option: The Insurance Regulatory and Development Authority of India (IRDAI) allows the policyholders to port their health insurance plans in case they are not satisfied with their current insurer in terms of service benefits. However, the option can be availed only at the time of renewal by intimating the insurance company at least 45 days ahead of the scheduled policy expiration. The policyholders can avail of this benefit without losing any accumulated benefits like No Claim Bonus or waiting period benefits. So in case of dissatisfaction, it is advised to give a thought to portability option at the time of renewal.

• Review Renewal Terms: Insurance companies send the policyholders a renewal reminder email before 45 days of the policy expiry wherein they mention the policy details such as sum insured, No Claim Bonus, number of claims, types of claims, etc. The policyholders must check the details and diligently inform the insurance company in case of any discrepancies.

• Revise Your Sum Insured: You can revise the sum insured of your health insurance policy only at the time of renewal. So, if you are about to renew your sum insured policy, then you must analyse the requirement of sum insured once again. Apart from sum insured, you can also enhance coverage under your health insurance policy by opting for an add-on cover if the insurer allows it.

Grace Period for Health Insurance Renewal

Health insurance grace period refers to the time or the number of days that you, as an insured, can take to pay the required health insurance premium for a particular health insurance policy. Generally, the insurance companies provide the insured a grace period of 15 days which is calculated from the due date. During this period, the insured can make the renewal payment. In case they fail to do so, then their health insurance policy will lapse and they will lose the accumulated benefits such as the waiting period benefits, No Claim Bonus etc.

Premium for Health Insurance Renewal

The health insurance premium is the amount of money that you are required to pay to the insurance provider to be able to avail of the policy benefits. Paying a health insurance premium is important to keep the policy in force. The premium of your existing health insurance policy may change at the time of renewal. Mostly, the revision will be seen upwards. You may be required to pay an increased health insurance premium at the time of renewal because of two reasons. Firstly, due to age, and secondly because most health insurance plans come for one year. However, it is not necessary that your health insurance premium will change at the time of renewal. It depends on the insurance company you have purchased the policy from.

Tips to Renew Health Insurance Online

Here are some tips that will help you make an informed decision when getting your mediclaim insurance policy renewed:

• 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 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. In order to avail better tax benefits, one can even change the policyholder at the time of renewal.

• Read Policy Documents Carefully: Thoroughly read the policy documents and check for the terms and conditions like renewal clause, exclusions, claim guidelines, etc.

• 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.

• 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 can not 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.

Note: Applying for mediclaim insurance renewal does not confirm the renewal. A policy can only be renewed with the mutual consent of the insurer and the insured. This means an insurance company has the right to deny health insurance renewal. Also, the terms and conditions and the premium are at the discretion of the insurer.

Things to Remember at the time of Renewing your Health Insurance Plan

It is extremely significant to get your Health Insurance Policy renewed prior to its expiry date. Generally, most of insurance providers send a renewal notice to their policyholders before the expiry of their policy. However, the insurance provider is not obliged to intimate the insured and it is considered to be the responsibility of the insured to get their policy renewed on time. In case, you let your policy expire, then you would end up losing your no claim bonus and other benefits on the next insurance policy.

Some of the things that you should remember while getting your health insurance plan renewed ar as follows:

• Get your Plan Renewed prior to Due Date
  In case you forget to get your health insurance policy renewed prior to the deadline, then you will be given a grace period of 30 days before your insurance policy lapses. According to the regulations, health insurance companies are not liable to make payment for any claims arising during the policy lapse period.
  
• Add More Members
  In case after a specific period, the insured individual wishes to include more family members to the policy, then it can be done by them at the time of policy renewal. Moreover, the policyholder is also allowed to exclude members from the policy and make any necessary changes to the terms during the time of renewal. For instance, if an individual decides to cover his parents to the existing family floater policy, including self, spouse and children, then it can be done by him at the time of policy renewal.
  
• Disclose any New Condition or Illness
  Health insurance is an yearly contract, wherein the same terms and conditions are followed as the same as the previous year. However, during the time period, there may be some significant changes in your health profile. Taking things on a safer side and going by the principle of utmost good faith, it is recommended to inform your insurance company regarding the same. Accordingly, make a decision for your policy rather than going through the pain of claim rejection at a later stage.
  
• Increase the Sum Assured (if Required)
  The sum assured can be increased only at the time of renewal of the health insurance plan. Therefore, it is important to plan accordingly. Moreover, remember that the premium also increases yearly. Imagine a scenario, where you have the maximum allowed sum insured by the insurance provider, however, you need more, so you can go for a top-up plan to adjust the remaining amount.
  Please note that the top-up plan is also subject to the same terms and conditions as the insurance provider.
  
• Look for Any Changes in Terms and Conditions
  It is important for the Insurance Regulatory and Development Authority of India to accept the changes before the insurance provider can apply it. Also, the company is obligated to inform you regarding any changes three months in advance. During the time of renewal of health insurance, you can port your insurance plan to a different insurance company or can even switch your plan to another health insurance plan in case you do not agree to the changes in terms and conditions of the plan.
  
• Inform Your Legal Heir
  After renewing your health insurance policy, ensure that your spouse and other legal heir is aware of the changes and any other updates made by you. Ensure that you have kept the receipt in a safe place that can be obtained whenever needed by your family. Moreover, keep a copy of your receipts handy for your tax files. Arranging and keeping all the things in proper order, gives the much required peace of mind to you and your family members in case of any emergency.
  

Renewing health insurance policy online helps you save time and money that you might waste otherwise in following the insurance agent or visiting the insurance company. Also, the online renewal process at InsuranceDekho is so easy that you can do it sitting at the comfort of your home or office and renew the policy within a few minutes.