Today, owning an insurance policy is the need of the hour. The rising growth of diseases and medical expenses are making it crucial for individuals to have a health insurance. On availing health plans for the family, one must keep a tab on the expiry date of the policy. When a policyholder misses the date of expiry, the health plan will lapse. Therefore, renewal before the policy lapses is crucial.
Individuals generally forget renewing their health plan when it’s nearing the expiry. However, failure to renew a policy leads to severe repercussions in the long run. Here’s a closer look at the top three reasons, which portray the consequences of failure to renew the health insurance. Take a look below:
If Health Insurance Is Not Renewed Before Expiry
No Claim Bonus (NCB)
Health insurance no claim bonus is generally provided to a policyholder when he/she doesn’t claim for a longer period. Moreover, the NCBs are added up to a specific percentage of the sum assured amount. However, when an individual fails to renew their policy, he/she is no longer eligible to experience a claim-free year.
The portability benefits of the policy are permitted to a policyholder on timely renewals of the plan. However, portability is impossible after the due date of renewal. Therefore, an individual must keep herself/himself aware of the health insurance renewal date. When a policyholder renews the insurance plan, he/she can seek benefits, which are availed by switching the insurance provider.
When a policy lapses due to non-payment of health insurance premium, an individual must buy a new health plan. Purchasing a new policy all over again means following the long process of the application again. Moreover, the waiting process will be applicable again, and wait for the coverage of pre-existing diseases or other ailments specified under the new insurance plan.
To sum up, owning health insurance for a longer duration is an excellent way to reap maximum benefits. However, timely renewal of a health plan is a must. Renewals not only provide value-added benefits like NCBs, free health checkups, etc. but also wins the trust of the insured in you.
Before purchasing a policy, compare health plans, consider your needs, and make the final selection. Health insurance plans available on Finserv MARKETS gives the policyholders access to comprehensive coverage at an affordable rate. Moreover, the platform allows an individual to renew the policy and avail swift claim settlement process. Need more reasons to renew your health policy? Head to Finserv MARKETS to read about health insurance benefits and apply for a free quote today!
Read our top blogs to know more about health insurance in India:
Finserv MARKETS, from the house of Bajaj 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!