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Lifetime Renewability | Meaning & Rules
In health insurance, lifetime renewability refers to the clause in the contract that provides guaranteed renewal to all the existing policyholders. This clause implies that your insurance company cannot refuse to the existing policyholders based on age, health conditions or claims made in the past.
In India, IRDAI mandates all health insurance providers to offer lifetime renewability to their existing policies unless there is fraud, misrepresentation or an attempt to use the policy for making a fraudulent claim. It protects the policyholders as health insurers cannot refuse renewals, thereby ensuring continued coverage without having to go through fresh underwriting.
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