Every health insurance plan comes with a validity of let's say 1 year, 2 years, or 3 years, after which it needs to be renewed. In case the policy is not renewed on time, then it will get lapsed and the insured individual will lose all the accumulated benefits including waiting period benefits.
*Standard Terms and Conditions Apply.
**Tax benefits are subject to changes in Income Tax Act.
Every health insurance policy is valid for a fixed period of 1, 2 or 3 years. Beyond this tenure, the policy needs to be renewed. It is imperative to renew your health insurance policy as it allows you to continue enjoying the coverage benefits offered under it. In case a policy is not renewed before its expiry. It will get lapsed and you will lose the accumulated benefits such as No Claim Bonus or waiting period benefits and will again have to purchase the policy which might be a daunting task. The health insurance that you have purchased can be renewed either through the official website of your health insurance company or at InsuranceDekho.
Renewing health insurance policy is just a matter of a few minutes. One can renew a health insurance policy via online or offline mode as per their convenience. Most health insurance companies offer an online renewal facility as it not only saves customer's time but also offers them flexible payment options. No matter which mode, one must keep health insurance renewal on priority.
Apart from uninterrupted peace, health insurance policy renewal on-time offer you the following benefits:
Following are the steps to renew your health insurance policy online at InsuranceDekho:
Note: While renewing the policy, you can choose to increase the sum insured limit of your policy.But for this, you will be required to pay a higher premium as you would be availing higher coverage.
Health insurance renewal is an easy process, especially when done online. One can renew their medical insurance policy online through the insurer's website by following the steps given below:
Step 1: Visit the official website of the insurance company.
Step 2: Go to the health insurance renewal section available on the website.
Step 3: Enter your previous health insurance policy number and registered mobile number.
Step 4: Check the policy details and the policy renewal premium.
Step 5: Make the payment using your credit/debit card or Net banking.
When renewing your health insurance policy, you must consider the following:
Health insurance grace period refers to the time or the number of days that you, as an insured, can take to pay the required health insurance premium for a particular health insurance policy. Generally, the insurance companies provide the insured a grace period of 15 days which is calculated from the due date. During this period, the insured can make the renewal payment. In case they fail to do so, then their health insurance policy will lapse and they will lose the accumulated benefits such as the waiting period benefits, No Claim Bonus etc.
The health insurance premium is the amount of money that you are required to pay to the insurance provider to be able to avail of the policy benefits. Paying a health insurance premium is important to keep the policy in force. The premium of your existing health insurance policy may change at the time of renewal. Mostly, the revision will be seen upwards. You may be required to pay an increased health insurance premium at the time of renewal because of two reasons. Firstly, due to age, and secondly because most health insurance plans come for one year. However, it is not necessary that your health insurance premium will change at the time of renewal. It depends on the insurance company you have purchased the policy from.
Here are some tips that will help you make an informed decision when getting your mediclaim insurance policy renewed:
Note that applying for mediclaim insurance renewal does not confirm the renewal. A policy can only be renewed with the mutual consent of the insurer and the insured. This means an insurance company has the right to deny health insurance renewal. Also, the terms and conditions and the premium are at the discretion of the insurer.
It is extremely significant to get your Health Insurance Policy renewed prior to its expiry date. Generally, most of the insurance providers send a renewal notice to their policyholders before the expiry of their policy. However, the insurance provider is not obliged to intimate the insured and it is considered to be the responsibility of the insured to get their policy renewed on time. In case, you let your policy expire, then you would end up losing your no claim bonus and other benefits on the next insurance policy.
Some of the things that you should remember while getting your health insurance plan renewed ar as follows:
Renewing health insurance policy helps you save time and money that you might waste otherwise in following the insurance agent or visiting the insurance company. Also, the online renewal process at InsuranceBoxis so easy that you can do it sitting at the comfort of your home or office and renew the policy within a few minutes.
The benefits of renewing your health insurance policies are as follows:
There are various benefits of getting your health insurance policy renewed online including a quick, simple, fair and hassle free process with various payment options offered. Moreover, you are not required to go to a physical location and meet someone, the process is completely digital and can be done even from the comfort of your home.
No, the insurance plans do not get renewed on their own. You are required to renew your existing insurance plan before it expires. Also, in case you forget to get your policy renewed on time, a grace period of 15 days is given after the expiry of the policy, when you can get your policy renewed.
Yes, generally most of the insurance providers send reminders to their policyholders for renewal of the policy either via text message or e-mail. However, the insurance providers are not obliged to do so, it is solely the responsibility of the policyholder to get their insurance policy renewed on time.
Yes, you can renew your health insurance policy through InsuranceBoxwebsite.
The consequences of not paying the health insurance premium on time are listed below: