Health insurance is an essential aspect of financial planning. Along with providing varied benefits, a health insurance policy offers financial security during medical emergencies. Usually, health insurance is valid for one to three years at a stretch, post which, a policy would need renewal. Many times, people simply forget to renew their health insurance or miss the renewal deadline. If you want to continue being medically and financially covered, you need to make sure you go through the health insurance renewal process before the deadline expires.
Failing to renew your health insurance policy in time can lead to your policy lapsing and you losing out on your health insurance benefits. Moreover, you would also lose out on any accumulated bonuses (such as the no-claim bonus) or rewards. Let’s take a look at some of the consequences of forgetting the renewal of your health insurance policy.
Policyholders are rewarded with a No-Claim Bonus (NCB) when they do not raise a single claim against their health insurance policy. The accumulated reward points can be then used for availing discounts on the premium at the time of health insurance renewal. However, failing to renew health insurance on time might lead to losing out on the NCB benefits.
In case you are unsatisfied with the features and benefits provided by your existing insurer, you can proceed to port your health insurance policy to a new insurer without losing any accumulated rewards or benefits. However, upon failing to renew your policy on time (whether with the existing insurer or a new one), you will have to undergo the process of buying a new health insurance plan altogether.
When a policy lapses due to failure of health insurance renewal on time, you have to buy a new plan. Purchasing a new health insurance policy means you have to undergo the application process again. Moreover, it also means that you have to complete another waiting period applicable to your new health insurance plan.
Renewing your health insurance plan does not have to be a dreadful process. Leading insurers offer the option to quickly renew health insurance policies online as well as offline. It is a good idea to renew your health insurance online as the facility is quick and saves valuable time. No matter how you choose to renew your health insurance policy, ensure that it is always up-to-date.
Medical insurance renewal online at Finserv MARKETS is a hassle-free process. Just follow these simple steps:
Go to the ‘Health Insurance’ section on the Bajaj Finserv MARKETS website and select the ‘Renew Now’ option.
Fill in the requisite details such as existing policy information and your date of birth.
Check the health insurance premium amount for the renewed policy along with the terms and conditions.
Proceed to pay the premium amount online.
And done! You will receive the renewed health insurance policy in no time.
Besides visiting our website, you can download our health insurance app and buy/renew your policy at any time from anywhere.
If you have purchased your health insurance plan at Finserv MARKETS, our platform also provides hassle-free policy renewals. You do not have to look elsewhere because we have you covered. After reading the steps to renew health insurance at Finserv MARKETS in the previous section, you must be wondering why you should choose to renew your policy with us.
Well, to understand this, it is imperative to understand the benefits of renewing health insurance. Let’s take a look!
Besides uninterrupted peace during medical emergencies, renewing your health insurance policy on time has several benefits.
Some insurers usually stop covering individuals or do not provide health insurance after a certain age, mainly due to pre-existing illnesses or the risk of chronic health conditions. Therefore, it is best to buy a health insurance plan when you are younger. Besides, it becomes imperative to renew the policy on time to avoid any discrepancies in your coverage.
Health insurance is one of the best tax-saving tools. The premium paid towards the policy can be claimed for deductions under Section 80D of the Income Tax Act, 1961. So, to continue availing these tax benefits, renew your policy before it expires.
As stated earlier, most insurers avoid offering health insurance coverage to older individuals due to their increased health risks. Moreover, those who do offer this policy charge expensive premium rates. Simply put, health insurance premiums increase as you grow older. Therefore, while it is best to buy health insurance early on in life, it is equally essential to renew your health policy on time.
Any lapse in your existing policy will lead to its termination. This means you might have to buy a new health insurance plan altogether, which could turn out to be expensive if you are older.
Grace period in health insurance is the timeframe provided by your existing insurer to renew the policy. During this period, you must pay the necessary health insurance renewal premium to continue availing its benefits.
Typically, the grace period for health insurance renewal is 15 days and begins after the expiration date of your policy.
Failing to renew your health insurance policy during the grace period will lead to policy lapse. Further, you will lose out on the accumulated benefits of your health plan, like the waiting period and the No-Claim Bonus.
As we know, renewing health insurance online is a straightforward process. Below, we have enlisted a few tips that will help you make an informed decision during health insurance renewal online.
Renew Your Policy Before the Due Date
We cannot emphasise enough the importance of health insurance renewal before the due date. In case you miss the deadline, the insurer will provide a grace period, after which, the policy will lapse if not renewed.
Review Your Health Insurance Needs
As your family grows, so do your responsibilities. As such, your health-centric requirements may change over time as well. Therefore, it is best to review the policy requirements during online health insurance renewal.
Review Your Coverage
Continuing with the above point, the coverage of the initial policy may not be sufficient for your growing family. Therefore, it is best to buy a health insurance plan that allows you to enhance the sum insured in the future. While it may not be possible to increase the sum insured during the policy term, you can certainly do so at the time of renewal.
Besides, if you are worried about the policy cost due to the enhanced sum insured, you can use the health insurance premium calculator available on Finserv MARKETS to determine the same.
Disclose Any Illnesses
If you want to ensure that the claim settlement process is smooth, it is best to be honest with the insurer regarding your health issues. So, if you happen to acquire any new illnesses before the due date, make them known during the health insurance renewal process. That way, the coverage will be extended to these diseases in case of future emergencies.
Many people may not be aware of this, but the policyholder has the option to transfer their health insurance policy from their existing company to a different company at the time of renewal of medical insurance. The option to switch insurance providers is called ‘insurance portability’ and can be utilised at the time of renewing your health insurance.
As per the guidelines provided by the IRDAI, you should raise a request for insurance portability at least 45 days before the expiration of your existing policy. In case there is a delay in your request for insurance portability, the new insurance company has the right to reject your request.
When you transfer your policy from one company to another, your waiting period and no claim bonus benefits are also transferred. However, you should make sure to transfer your policy before it lapses, or you may have to end up buying a brand new policy.
Most times, people think that simply purchasing a health insurance policy covers their family’s medical needs. However, the responsibility does not end here. While a significant part of your financial responsibilities is taken care of, health insurance renewal must be done on time to continue availing its benefits.
Whether you have an individual health insurance plan or a family health insurance plan, the steps to renew these policies at Finserv MARKETS remain the same. Besides, there are a few things, as discussed above, that you need to be mindful of during the renewal process. Doing so will help you and your family to enjoy the maximum benefits of your health insurance policy.
Most insurers will offer a grace period of 30 days from the date of expiry, so you will still have extra time to make that payment.
Yes, you will have the option to change your sum assured at the time of renewing your health insurance plan.
Yes, renewing your health insurance plan online is a safe and swift process.
If your insurance has lapsed and the grace period has ended, you will have to buy a new insurance plan.
Yes, your no claim bonus will carry over when you raise a request for insurance portability at the time of medical insurance renewal.