Most individuals are reluctant to renew health insurance after the first year. They certainly lack the same enthusiasm when they had while buying the policy for the first time. Not being aware of certain important points before renewal creates a false perception in the minds of the policyholder leading to misgivings about the policy or the insurer later.
It’s important to understand that certain terms and conditions in your health insurance plan may change during renewal. Therefore, you need to go through the fine print carefully to avoid unpleasant surprises.
In this article, Finserv MARKETS has compiled a list of 5 important points you should analyse before you renew your policy online. Just keep these things in mind before you renew your policy this year.
Analysing Health Insurance Policy Before Renewal
Renew on time:
To continue enjoying the benefits of your health insurance policy, you need to renew it on time. Most companies provide a 15-30 day grace period after the due date. Post the grace period, your policy will lapse and you will lose out on various benefits such as no claim bonus, waiting-period credit, and lifelong renewability. You must also keep in mind that your insurer is not liable according to regulations to provide coverage during the grace period.
Therefore, it’s always a good idea to renew your health policy online before the due date. Don’t wait for your insurer to send you reminders to renew your policy as it is not mandated by law for them to do so; be proactive and mark those important dates in your calendar. To avoid last-minute hiccups, set aside the required funds to pay for policy renewal. Look for a health policy that is fast and convenient renewal like the Health Insurance plans on Finserv MARKETS, where renewing your health policy is a fast, smooth and easy process, and can be done easily using any connected device.
Check for policy changes:
As per IRDA, your insurer cannot change the policy terms and conditions without approval from the IRDA and they need to intimate you about any change in benefits or premium at least 3 months in advance. Don’t miss out on any online or offline communication from your insurer. If you don’t like the new policy terms and conditions, you have the option to change the health plan with the same insurer or port to a new insurer.
Increase your sum insured:
Health insurance renewal also gives you an opportunity to increase the insured sum on your policy. However, understand that if the increase in insured sum is significant, the insurer may ask for no claim history and you may have to go through medical tests again.
Disclose any new illness:
To avoid claim rejection, delay or reduction, it’s better to inform your insurer about any new medical conditions or illness that you have been exposed to during the year. Also it is advisable to inform your insurance provider about pre existing diseases. Though it’s not a legal requirement for you to do so as per the regulations, this can be done in good faith. According to regulations, your insurer can still ask for documents to confirm your medical condition before renewing your health insurance policy.
Exercise your porting rights:
IRDA allows policyholders to change their insurer if they are not satisfied with their current insurance provider. When you port to a new insurer you not only enjoy better policy management but you can also carry forward your no-claim bonus, waiting-period, the sum insured and lifelong renewability from your previous insurer to the new one. Note that the request for health insurance portability can only be given at the time of policy renewal.
You can enjoy lower premiums and better services, features and benefits with insurers such as Health Insurance plans available on Finserv MARKETS which is known for speedy claim settlement and unmatched services – one of the reasons why they have a customer base of 100 million plus satisfied customers across the country.
Just buying a health insurance plan is not enough, you have to renew it on time and be proactive in maintaining your policy. It is similar to an investment tool where you have to put some effort to derive maximum benefits. Don’t lose out on the many health insurance benefits by failing to renew.
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