Health Insurance Renewal
Highlights of Health Insurance Renewal
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Sahi Insurance
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Health Insurance Renewal – Everything You Want to Know
Benefits of Timely Renewal of a Health Insurance Policy
The most important benefit of renewing your health insurance is the peace of mind it brings for your health and well-being. Some other benefits include:
Timely renewal ensures uninterrupted coverage, especially important as you age and may face difficulties in getting new policies. Expenses for illnesses and accidents after the expiry date are not covered, even if the premiums are paid during the grace period.
Renewing on time makes you eligible for tax deductions under Section 80D of the Income Tax Act.
Renewing on time allows you to avail of accumulated benefits like no-claim bonuses.
Things to Consider for Renewing Your Health Insurance Policy
Ensure you renew the policy before expiry. Some companies offer a grace period of 30 days after the expiry date. If you fail to pay the premium during this time, the policy will lapse, and you might also lose your no-claim bonus.
When renewing your health insurance policy, check the coverage and add/remove add-ons as per your requirements. You can add a family member to the policy or upgrade your add-ons during renewals.
Check the sum insured offered under your health insurance policy. If you feel it is insufficient, you can enhance the cover or buy a top-up plan.
Review all the terms and conditions of your health insurance policy before you renew it. Some insurance companies may change certain terms and send a reminder email to keep you updated about the changes.
IRDAI permits policyholders to switch insurance companies. You must submit your application to the new insurance provider company 45 days before the policy’s expiry date and take another more beneficial plan for you at the time of renewal.
Once you renew your health insurance policy, inform your family, especially your spouse and heir, about the changes you’ve made to the policy so that they can access it during an emergency.
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Below are some of the benefits of renewing your health insurance policy:
- You can have financial stability with regards to your healthcare needs.
- You are covered well against most health risks.
- By renewing your health plan, you can have protection against diseases without any break.
- You can earn cumulative bonus or no claim bonus for not availing claims on a particular year.
Online renewal of health insurance plan help you gain maximum benefits as they are simple to procure and can be bought within a matter of few minutes. Moreover, they are hassle free and offer varied payment options. Also, you can get the policy renewed while sitting at home and without going to the insurers office physically. The entire process is digital and comfortable.
No, a health insurance plan cannot get renewed on its own. You have to renew your insurance policy when it expires. In case you miss the expiry date of your health insurance policy and couldn't renew it on time, you can use the grace period provided by the insurer to renew the plan by paying a certain fine.
Most insurance companies remind the policyholder via message, email or by making a call to the policy owner so that they can renew the policy on time. However, it is not the duty of the insurance provider to remind the policy holder about policy renewal, rather the policyholder should keep the expiry date in mind and renew it on his/her own.
Yes, you can renew your health insurance policy through PayBima website. Just contact the team at PayBima and they will assist you for the same.
If you miss the renewal premium due date, the following things might happen:
- You will not get coverage for any health claims if you do not pay the premium and if your policy is expired, not even in the grace period.
- Your insurance provider might reject your policy renewal request if you do not pay premiums on time.
- You might even miss the lifetime renewability benefit if you do not pay renewal and if a break between your health plan is seen.
- You will also lose on the No Claim Bonus that you can obtain for not making claims during a policy year.
- If you buy a new policy, you will have to undergo the waiting period once again for pre-existing diseases.
