Benefits of Renewing Your Health Insurance Plan

When you purchase a health insurance policy, there is a waiting period of 30 days, during which no claims can be made, except for accidental hospitalisation. At the end of a policy term, a timely health insurance renewal will allow you the second policy term without such a waiting period. Health insurance companies give you a 5% increase of the sum insured in case no claim is made in the policy year. With a delay in the renewal, you can miss this benefit too. Some treatments have a waiting period of 24 to 48 months, and if your health plan expires, it will nullify the time served. Health insurance renewal should be done before the policy comes to its expiry date.

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List of Benefits of Timely Health Insurance Renewal

In case you forget the expiry date of your policy, the insurer offers you a grace period to avoid losing coverage. So, in this section, let’s understand some key advantages of opting for timely health insurance renewal.

  • Continued Protection

You must already know the implications of failing to renew your health insurance plan. As soon as your policy expires, you can no longer avail the perks of your plan. Thus, renewing health insurance before the due date enables you to secure coverage against mishaps.

Furthermore, you can be carefree about the financial aspect of a medical emergency as you have the right health plan. With the current lifestyle that most of us follow, you may never know when a health urgency might strike. So, ensuring your health plan is active and has been renewed is crucial.

  • NCB Reward

No Claim Bonus or NCB is the most sought-after reward in insurance that policyholders look forward to. Without making a single claim throughout the policy period, you either get a discount on your premium amount or an increased sum insured for the same premium rate.

On renewing your health insurance before expiry, you can avail the No Claim Bonus for increased rewards! However, if you fail to renew health insurance on time and the policy ends up lapsing, you shall lose the accumulated NCB.

  • Health Insurance Waiting Period

Most health plans come with a waiting period for certain ailments or add-on benefits. In case you suffer from any pre-existing illness, you will have to complete the waiting period to gain coverage for it. Thus, you shall end up waiting 1 to 4 years to enjoy the complete features of your health insurance policy.

However, allowing the policy to lapse will take away this benefit and you might have to start all over again. With a new health plan and a new waiting period, you will be back at square one. To avoid this, you can opt for auto-renewal of health insurance to never miss a due date!

  • Portability of Insurance

Another vital perk of opting for timely health insurance renewal online is the portability of the plan. It may so happen that some insurance providers offer better features and coverage options to policyholders. So, how do you make the most of it? You can simply port your health plan to another insurer for increased benefits and wider network hospitals.

But this advantage is only available to policyholders with an active policy. If your health plan has lapsed, you cannot switch to another insurance company. So, it is essential to keep an eye out for the due date of your plan to never miss it. Read more about health insurance portability on our platform!

  • Lifetime Renewability

As you grow older, the chances of age-related ailments increase and start affecting many elderly individuals. Due to more health risks, some insurance providers might not offer you coverage after a certain age. One way of ensuring you always have backup against rising healthcare costs is the lifetime renewability feature.

With this, you can continue to enjoy insurance coverage throughout your life without worrying about age restrictions. However, you must remember that this is possible only if you keep renewing health insurance without fail.

  • Tax Benefits

Apart from the obvious perks of having insurance coverage, health plans also help you save money on taxes. By continuing your health insurance cover, you can claim the premiums paid towards the policy under Section 80D of the Income Tax Act, 1961.

Furthermore, you can not only claim the premiums for your own policy but also for your family and senior citizen parents. This reduces your tax liability and enables you to enjoy health insurance tax benefits on investing towards your health.

Conclusion

Now that you are aware of the benefits of renewing your health insurance policy, it is crucial to do it without fail. With rising healthcare costs and increasing premiums due to age, ensuring you have a backup for medical needs is a must! Estimate the insurance premium quote with our health insurance premium calculator now!

Be it an individual plan, family floater policy or a top-up for additional security, health insurance plans available on Finserv MARKETS have got it all! With a simple claim process and hassle-free renewals, we have got your back throughout to fulfil all your insurance requirements.

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FAQs on Benefits of Renewing Your Health Insurance

  • ✔️What is the grace period offered in health insurance?

    The grace period in health insurance can vary from one insurer to another where the duration can be anywhere between 24 hours to 30 days. It is recommended to check with your insurance provider to know the grace period applicable to your plan.

  • ✔️Can I renew my lapsed health insurance policy?

    Yes. You can renew your lapsed health insurance policy within six months since expiry without having to undergo a health check-up. Furthermore, you will have to pay the outstanding premium amount along with interest. Thus, it is advised to opt for timely health insurance renewal to avoid such incidents.

  • ✔️How to renew my health insurance plan on Finserv MARKETS?

    You can follow the below-mentioned steps for renewing health insurance on Finserv MARKETS:

    • Go to the ‘Health Insurance’ section on Finserv MARKETS

    • Fill in the required details in the application form

    • Check the premium amount and the terms of the policy

    • Pay the premium amount online

    • You shall receive the renewed health plan on your registered email ID

  • ✔️What will happen if my health insurance policy expires?

    In case your health insurance policy expires, you can no longer raise any claims for your healthcare requirements. Therefore, it is essential to avoid delaying your health insurance renewal.

  • ✔️How can I avail lower health insurance renewal premium?

    You can avail an affordable health insurance renewal premium with No Claim Bonus or NCB. By not filing a claim throughout the policy period, you can get a discount on the premium amount. However, it is recommended to only pay for claims that you can afford.

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