The importance of health insurance in our lives is understood with the kind of year we’ve had. So, for those with health insurance due for renewal over the coming months, make sure that you keep your policies up-to-date well before the expiration date.
However, there are a few things that you need to consider when renewing health insurance in India. Below we have enlisted seven things to keep in mind during health insurance renewal. Here, take a look!
- Change of health insurance provider
The Insurance Regulatory and Development Authority of India (IRDAI) allows you (the policyholder) to port your health plan from your current provider to another of your choice. You can consider switching from your existing health insurance provider if you are not satisfied with their services and benefits. Any rewards earned during your association with the current provider is safely ported to the new provider.
However, evaluate the features and benefits of the health plan provided by the new insurance provider before initiating the porting process. The health insurance portability request is raised at the time of policy renewal, and the same is informed to the current provider (at least 45 days before the policy expiration).
- Review health insurance requirements
When renewing your health insurance plan, consider reviewing yours and your family’s medical requirements at the given point. It can be in the form of adding a new member to the health insurance plan or discovery of a new disease that someone in the family may be suffering.
Reviewing your health insurance requirement will allow you to make the necessary changes in your health insurance plan and offer enhanced security to your loved ones.
- Understand the changes in health insurance
Over the year, IRDAI may have issued a few changes in the standard terms and conditions of the health insurance policy. Therefore, you should evaluate these changes at the time of renewal and see what influences it has on your policy terms.
- Declare any new ailments
You and the members covered under the health plan may acquire new illnesses between the issue of the policy and its renewal. If that is the case with you, make sure that you are declaring these new ailments to your insurer at the time of health insurance renewal. That way, you will be able to make a successful claim on any of these illnesses (when and if needed).
- Renew before the expiration date
Make sure that you are renewing your health insurance plan before the expiration date. If you are unable to renew the health plan before the due date, you get an additional 15 days (grace period) to renew the policy.
However, failing to renew health insurance even after the grace period will lead to policy lapse, which also means that you will lose out on the benefits earned over the years. It also means that you will have to buy a new health insurance plan and the premiums will be higher compared to the renewal premiums. You can use the health insurance premium calculator to determine the same.
- Evaluate the need for top-up plans
Our needs in life are bound to evolve. For instance, at the time of buying health insurance, you were newly married. At the time of renewal, you may be considering starting a family. Similarly, there might be instances of critical health concerns with you or the family members, which makes critical illness cover a necessity.
So, you can enhance the scope of your health insurance plan with add-on benefits when renewing the policy.
- Enhance the sum assured (if needed)
We know that medical costs in India are rising by the day. The health coverage you chose at the beginning may not be sufficient at the moment. So, at the time of health insurance renewal, you can consider enhancing the sum assured of the policy to fit your rising medical needs.
Keeping these things in mind when renewing your health plan will allow you to reap maximum benefits. Further, if you have purchased health insurance with us at Finserv MARKETS, you can proceed to renew the policy using our health insurance app.
Renewing Health Insurance Using The Finserv MARKETS App
Follow the steps below to renew health insurance using the Finserv MARKETS App.
- Open the Finserv MARKETS App and login with your credentials.
- Go to the ‘Health Insurance’ section and select policy renewal.
- Fill the health insurance renewal application.
- Upload the supporting documents.
- Make the health insurance premium payment via the app.
- And you are done. The renewed policy will be issued in no time.
Considering it has been a challenging year for everyone, having a comprehensive health insurance plan that financially secures you and your loved ones against sudden medical contingencies is a boon. So, if your policy is due for renewal any time soon, get it updated at the earliest.