How To Renew Your Health Insurance Policy

Timely renewal of your health insurance policy helps you unlock many benefits under the plan. So, if you already have a health insurance policy, make sure you renew it on time to get continued coverage and other benefits.

Are you struggling with your health insurance policy renewal? Or do you want to port your policy to another insurer for better coverage?

 

Book a call with us to discuss your existing health insurance coverage with our expert advisors.

Benefits of Timely Renewal of Health Insurance Policy

Continued Coverage

Do not worry about paying your hospital bills anymore. Timely renewal of your health insurance plan ensures that you get continued coverage. Your hospital bill is paid by your insurer in case any claim arises. 

Serve Your Waiting Periods

Your health insurance policy might impose waiting periods at the time of initial purchase. The waiting period for specified diseases is usually 24 months. In case you have a pre-existing disease (PED), your insurer might impose a waiting period on PED anywhere between 24 to 36 months. 

Continuous and timely renewal of your policy ensures that you serve the waiting periods fully and get complete coverage on time. Each renewal brings you closer to getting full coverage. 

No Claim Bonus and Other Renewal Benefits

Health insurers offer some benefits on each renewal. These include no claim bonus, free annual health checkups, or discounts on renewals. Renew your policy on time to enhance your coverage or make these benefits available to you. 

Serve Your Moratorium Period

Each health insurance policy has an initial moratorium period of 5 years. As mandated by IRDAI, once you serve this moratorium period, your insurer cannot reject your claim on account of non-disclosure of material facts. 

Each renewal of your health policy gets you closer to serving your moratorium period fully.

Automatic Coverage on New Health Conditions

Once you buy your health insurance policy, you get automatic coverage on all the illnesses diagnosed later. Renew your policy on time to get automatic coverage on all newly diagnosed health conditions. 

In case your existing health policy lapses and you buy a new health insurance policy later, your new health coverage will be subject to fresh underwriting. This implies that new health conditions will lead to fresh waiting periods or complete denial of health coverage. 

Steps to Renew Your Health Insurance Policy

Intimation from Your Insurer

Your health insurer will send you an intimation regarding your policy renewal 30 to 45 days before the actual renewal date. Check your registered email ID for intimation via email. 

Renew Your Policy

You will find the renewal link in the email. Click on that link, and it will lead you to the insurer’s renewal page. 

Fill in your policy details, such as policy number, and verify your identity through OTP, if required. Review your details and make changes if you want to. You can increase your coverage, add or delete members, choose add-on benefits, or change communication or nominee details, if required. 

An increase in coverage or the addition of new members or benefits might be subject to fresh underwriting. 

Pay your renewal premium online via the link. If there are no changes, renewal happens instantly. 

If you are not happy with your current policy or insurer, you can port your coverage to another insurer. To ensure that porting happens on time and you get continued coverage, initiate the porting process 45 days before your renewal date.

Receive Your Policy Document

You will receive your policy document on your registered email ID once your policy is renewed. Read the policy document to ensure that all details are correct and that you understand the terms and conditions of your policy. 

If you have bought a health insurance policy from us, your policy renewal is sorted.

Get in touch with us, and our advisor will help you to renew your policy without any hassle.