You have a health insurance or motor insurance policy, and it is due for renewal now? With the lockdown in place because of the pandemic, you may be wondering about renewal of the policy. Worry not, because the deadline for motor and health insurance renewal has been extended to April 21.
According to a notification from the Ministry of Finance sent out on the 1st of April, health and motor insurance renewal which were due between March 25, 2020 and April 14, 2020, have now been extended.
Read on for more on the renewal of your policies.
Health insurance renewal process
Typically, health insurance and motor insurance policies lapse if they are not renewed in time. However, in case of health insurance renewal, insurers allow for a grace period for renewal. Even though the grace period is in place, the health insurance policy is not valid during the waiting period. This means that you will not be covered for any ailments that you may suffer during the grace period. It is only upon renewal that it comes into force. Insurers usually offer a 15 to 30-day grace period for payment of premium so as to renew your policy. If you fail to pay your premium even during the grace period, you may have to buy a fresh policy. Also, you will have a new waiting period for some ailments all over again. Also, if you fail to renew by the due date, you may not gain any benefits such as no claim bonuses. This is why timely renewal is important.
If you already have one of the health insurance policies, available on Finserv MARKETS, you can easily renew your insurance online by filling in your basic details like your current policy number, picking your renewal quote and making a payment online. The extension announced in the wake of the lockdown owing to the pandemic also gives you an opportunity to go through the terms and conditions offered by your insurer carefully.
Motor insurance renewal process
When it comes to motor insurance renewal, third party insurance ceases to exist if the renewal is not done on the due date and you would have to pay a penalty. What’s more, you may also have to pay compensation for third party damages by yourself if your motor insurance has not been renewed. With a third party motor insurance, if your vehicle is involved in an incident where it damages or injures a third person or their property, the insurer will pay the compensation.
If you have opted for one of the motor insurance policies on Finserv MARKETS, the renewal process can be done online in just a few steps. All you have to do is visit the website, enter your earlier policy details, followed by your personal and vehicle related information. Then you will be able to pay the premium amount online. Renewing your car or bike insurance online is secure. Moreover, in case you are renewing an existing bike insurance, there is no need for any inspection or documentation. Use the extension period for your motor insurance renewal to go through the policy thoroughly and see if you would wish to opt for a different type of coverage with the same insurer for more advantages. For instance, you may want to shift from a third party plan and opt for a comprehensive plan, where you can get a no-claim bonus among others. You could also use this period to look for any add-ons such as loss of baggage cover or engine cover, among others.
In a nutshell
In conclusion, in view of the current crisis, you get time till April 21 to renew your health insurance or motor insurance policies, so you can take a sigh of relief. Use this time to go through your insurance cover carefully and reassess your needs. Pick one of the health insurance plans, available on Finserv MARKETS, if you haven’t got one already and benefit from features like swift claim settlement, cashless service across a 6500 + network of hospitals and customised plans for your needs. If you pick a motor insurance policy, you can avail of benefits like swift claim settlements, round the clock assistance, cashless claims and more.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.