Gone are the days when opting for medical insurance was an option. Given the exorbitant present-day costs of medical care, buying health insurance is a necessity. However, timely renewal is essential to enjoy seamless protections from sky-rocketing healthcare costs. Thanks to online policies, renewal has become a simple and straightforward process. What’s more, as per the new IRDA guidelines, policyholders are free to switch to better health plans from another insurer if they are not satisfied with their current insurer. This facility is termed as ‘health insurance portability’ and it can be availed only at the time of insurance renewal. If you are wondering how to renew health insurance online, here’s how to do it:-
- Visit the insurance provider’s renewal page and enter basic details such as policy number and expiry date.
- Once you get the policy quote, make the payment through debit card/ credit card/ net banking.
- On successful payment, you will be issued a digitally signed copy of the policy in your email. You can print into a paper if required.
- Double check to ensure that all the details of the policy are in order. In case of any discrepancy inform the insurance provider immediately.
Important things to remember when you renew health insurance online:
1.Renew your policy before expiry
Most insurance companies send a renewal notice as a reminder. However, it is your responsibility to renew your policy on time. Ideally, your policy should be renewed within 15 days before the expiry date. Nevertheless, if you forget, you do get a 15-day grace period from the date of expiry to renew your policy. However, if you let your policy lapse, you may lose out on hard-earned benefits like no claim bonus, waiting period benefits and lifetime renewability on the subsequent policy.
2.Review your health insurance requirements
Renewal is the right time to review your health insurance requirements. If you feel that you need to increase your sum assured or opt for additional top-ups, renewal is the right time to do it.
3.Check change in terms & conditions of your policy
Ideally, the terms and conditions of your policy should remain constant even on renewal. In case there are any changes, the insurer must obtain IRDA’s approval and the change has to be initiated at least three months before the renewal.
In conclusion, if you wish to make any enhancements or changes in your coverage, make sure to plan it beforehand. Doing such things at the last minute may result in inconveniences later. Health insurance policy renewal is a simple and straightforward process with Finserv MARKETS. Just fill in a few details and get an instant personalized quote. What’s more, by choosing Bajaj Allianz health insurance plans, you get access to exclusive benefits like in-house claim settlement, cashless treatment at 6000+ network hospitals, ayurvedic/homeopathic coverage, tailor-made insurance plans and much more.
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!