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.