Purchasing a medical insurance policy is an easy process. When an individual buys a health plan, he must pay the premium on a timely basis as well as keep a tab on the expiry date. However, some specific customers miss the due date and run helter and skelter for health insurance renewal.
But before you renew your health plan, it is advisable to conduct a thorough research and understand every aspect of your policy. Go through the following pointers mentioned below, which explain the considerations one must make while renewing a health insurance policy:
1.Analyze the renewal term
As the health insurance reaches the expiry date, the insurance companies notify a policyholder at least 45 days prior to renew. The reminder is sent to the policyholder via emails. The mail consists of essential details like the sum assured amount, the number and types of claims, and health insurance no claim bonus (NCB). In case there’s any discrepancy in the information, a policyholder must inform the insurer.
2.Compare health insurance plans
A buyer opts for policy portability when he is dissatisfied with the current benefits offered by the insurance company. A policyholder is generally not willing to pay high premium costs; hence, he prefers switching the insurer. Hence it is advisable to compare health insurance plans basis their features and benefits before you zero in a policy. Bajaj Finserv MARKETS offers comprehensive medical plans with extensive coverage at an affordable rate. Moreover, an individual can make use of the premium calculator to find out estimates of your premium.
3.Evaluate your coverage needs
The rising medical expenses have made health insurance policies the need of the hour. Hence, every customer must consider the needs of his family before opting for a health plan. An individual must check the medical background and then select the coverage for his/her loved ones. One must choose a higher coverage or include additional riders on the base policy to cover for their requirements.
To sum up, the renewal of a health plan is an essential aspect to enjoy the benefits of the policy in the long run. To fasten the renewal process, a policyholder can renew their policy online. Online policy renewal is a convenient, hassle-free and affordable process. Bajaj health insurance available on Bajaj Finserv MARKETS is a trusted insurance policy, which offers a customized plan with swift claim settlement. Need more reasons to renew your health policy? Head to Bajaj Finserv MARKETS to read about health insurance benefits and apply for a free quote today!
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