What is Lifetime Renewability of Health Insurance

Lifetime renewability is a facility in a health insurance policy that provides an option of health insurance renewal for a lifelong period. This service allows you to extend your insurance coverage policy without being required to apply for a new policy. According to the Insurance Regulatory and Development Authority of India (IRDAI), insurance companies are obligated to provide a health insurance policy with lifetime renewability. You can use the health insurance lifelong renewal facility, even if you made the claim a year before the maturity of the insurance policy. 

Importance and Benefits of Lifetime Renewability of Medical Insurance

Health insurance policies act as a financial safety net in cases of expensive treatments, especially after your retirement. The facility of health insurance lifelong renewal gives added advantages. Here are the importance and advantages of this option. 

 

  • You will receive coverage for your medical treatment for your lifetime since there are no age restrictions.

  • There are no limitations, such as a waiting period for certain pre-existing illnesses. 

  • It gets more difficult to obtain coverage as you become older, and the potential of paying a larger premium amount rises as your health risks increase. As a result, the opportunity to get a lifelong health insurance renewal eliminates the uncertainty of rising healthcare expenditures.

  • For retired individuals, it is advantageous since insurance relieves the stress of financial responsibility in the instance of a serious illness.

Why do You Need a Lifelong Renewal Facility for Health Insurance

In recent years, the benefits and features of health insurance plans have improved and expanded. Getting a lifelong health insurance renewal facility will act as a financial net but it will also provide you with lifetime medical coverage without any age limitations. Apart from these, as buying new insurance needs more time and effort, it will save you from this situation. Moreover, the benefits associated with this clause make the policy more user-friendly. 

Is there a Difference Between Guaranteed Renewability and Lifetime Renewability

No. In terms of health insurance, there is no distinction between guaranteed renewability and lifetime renewability. Each term has the same significance as both facilities allow insurance renewals for the lifetime. 

How to Renew Health Insurance with a Lifetime Facility

You may renew your health insurance with a lifetime facility by calling your insurance company officials or visiting its office. In addition to this, you may also do it online by following the below-listed steps. 

 

  • Visit the website of your insurance company or download the app.

  • Go to the ‘Renewal’ section.

  • Provide details about your insurance policy.

  • Enter your registered mobile number.

  • Pay the policy renewal charges.

  • Once the transaction is completed, your policy will be renewed and you will receive a confirmation notification on your registered number. 

Things to Remember when Renewing a Health Insurance Policy with a Lifetime Facility

Health insurance is becoming more consumer-friendly, and features like lifelong renewability will provide you peace of mind that your coverage will last a lifetime. However, here are a few important points that you must keep in mind while using the service of health insurance lifelong renewal. 

1. Do a Thorough Research 

Several insurance companies are providing health insurance with a lifetime facility. In order to choose the best, do a comparison between their features, benefits, and so on. 

2. Low Prices should not be the Only Criteria

Sometimes while selecting a policy, people avoid policies with higher costs and choose the one with a low cost. However, this should not be the only factor considered when making a selection because the major reason for purchasing health insurance is to enjoy a variety of features and advantages. As a result, if paying a larger price provides you with additional benefits, you should do so.

3. Check Inclusions and Exclusions 

While buying a policy, you must go through the inclusions and exclusions. This will help you know about the coverage that you will get with your policy. It will also assist you in avoiding rejections at the time of claim. 

4. Select a Firm with Good Reputation

Before selecting any insurance company, you must check for its market reputation. Purchasing insurance from a firm having a good image will ensure that the organisation is reliable. 

5. Check for Discounts and Special Offers

Insurance companies offer discounts and deals during special occasions and festivals. While selecting a policy, ask the officials if it is applicable for any kind of discount or special reward. It will provide you with an added advantage. 

6. Choose a Digital Platform 

Pick digital insurance companies for a stress-free experience since you can purchase, renew the policy, and make claims through their online platform.

Conclusion

To avoid unpleasant financial responsibilities, you must secure your future by investing in health insurance policies. Since health insurance is a crucial financial barrier against both planned and unanticipated medical bills, you must renew your policy for a lifetime. It will give you peace of mind that you are financially protected.

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FAQs

  • ✔️What is the lifetime renewability of health insurance?

    Lifetime renewability is a clause in a health insurance policy that provides an option of health insurance lifelong renewal. This provision allows you to extend your insurance coverage policy without being required to apply for a new policy.

  • ✔️What is the age limit to renew health insurance for a lifetime?

    There’s no age restriction. You may anytime renew your health insurance for a lifetime.

  • ✔️What are the benefits of the lifetime renewability of medical insurance?

    Below are the benefits.

    • You will receive coverage for your medical treatment for your lifetime since there are no age restrictions.

    • There are no limitations, such as a waiting period for certain pre-existing illnesses. 

    • The opportunity to get a lifelong health insurance renewal eliminates the uncertainty of rising healthcare expenditures.

    • For retired individuals, it is advantageous since insurance relieves the stress of financial responsibility in the instance of a serious illness.

  • ✔️What are the charges applicable for lifetime renewability?

    The relevant charges vary from one company to the next. You may find out the fee by calling your insurance carrier.

  • ✔️Is there a difference between guaranteed renewability and lifetime renewability?

    No. In terms of health insurance, there is no distinction between guaranteed renewability and lifetime renewability. Each term has the same significance as both facilities allow insurance renewals for the lifetime.