Health Insurance Renewal: A Complete Guide
Without a doubt, health insurance has become an inevitable part of our lives. The cost of healthcare and medical treatments is increasing day by day. For that reason, a medical insurance policy has become the need of the hour.
Getting medical treatment in private hospitals is an expensive affair. The cost of treatment, hospital rooms, operation theater charges, and medication are high for the quality service and infrastructure they provide. Not everyone has a good bank balance and liquid cash to meet medical emergencies.
Buying a mediclaim policy can save you from the anxiety, stress, and financial burden arising from such health emergencies.
If you are buying health insurance plans in India, their renewal is also important. Look for online renewal of your insurance policy to save your time and have a valid health insurance cover, for you and your family.
How to Renew Your Health Insurance Plan Online?
It is quite simple and easy to renew a health insurance policy online. Just follow these simple steps to renew medical insurance plans for parents, self, family, and also senior citizens.
Online renewal saves both time and efforts.
Mentioned below are steps that you can follow to renew your health insurance policy online-
- Go to the insurer’s site and select the Policy Renewal option
- Provide your plan details
- Once you enter the insurance details, you will get the cost of the insurance premium
- Pay online through your credit or debit cards and you can even do NEFT
- You can then download the renewed policy and keep a print out with you
If you wish to continue availing the benefits from your health insurance policy, then ensure that you renew it on time. In case, the policy premium is not paid on time, you will no longer be able to claim your cover.
Always remember to renew your policy before the due date to continue taking the benefits of your insurance coverage.
For instance, if you have taken star health insurance, and the due date is December 1st, then make sure that you start initiating star health insurance renewal follow up at least 15 days before the due date, to ensure that your insurance policy remains in force.
But there is a relief, in cases where customers fail to pay their premium on time or miss out on their due date; the insurer provides them with a grace period of 7 to 15 days. The grace period is inclusive of both working and non-working days. And, if you happen to miss out paying your premium within the grace period, then your policy will lapse.
In case your mediclaim policy gets lapsed?
It’s only you, who will have to face the consequences in case your health insurance policy gets lapsed. You will have to begin with the process just like you did it for the first time.
No-Claim-Bonus: You will not be able to take the No Claim Bonus if you have earned it on your previous policy. It would mean starting again from the scratch.
Pre-existing Diseases: Apart from this, you will have to wait for another couple of years, before you can start availing the insurance claim for pre-existing illnesses.
Waiting Period: There are certain medical conditions that are covered after the completion of the waiting period in health insurance. If the policy lapses, you will have to serve the waiting period all over again after buying the new policy.
How You Can Avoid Your Health Insurance Policy From Getting Lapsed?
Amid the sedentary lifestyle, buying a health insurance policy has become inevitable. It not only gives you cover from health risks but also saves you from medical expenses that come along with it. If you don’t want to face the trouble of renewing your lapsed policy, you can follow the below-mentioned tips:
- If you do not want your policy to lapse and continue to get the risk cover, try putting on a reminder for your payment at least one month before the due date.
- There is an option of auto debit from your account. If you opt for auto debit, the premium amount will get deducted from your bank account on or before the due date.
- Nowadays insurance companies are also active, they would call their customers on their own to remind them about their health insurance policy renewal or payment of premium on the policy. They would call you one month or 15 days before the due date.
Those who still miss it out can take advantage of the renewal period for policy renewal and save themselves from the policy being lapsed.
- You can check if your insurance companies have themselves linked to certain banks, which allows you to pay them premium through banks ATMs. You can save time, effort and trouble of policy being lapse if you are given this convenience.
- All of us are using smartphones, you can check reminder emails and messages which you insurer would send you, for you to be able to renew your policy before the due date. These reminders save you from your health insurance policy getting lapsed.
For example, if you have bought Bajaj health insurance policy, they would send you an email with subject line Bajaj health insurance renewal, so that, as soon as you look at the email, you can open and read it without missing on it.
Before you go for a renewal or miss out on your due date or you have your policy getting lapsed, it’s advisable that you consult your health insurance provider. They will help you out of the situation and guide you about different ways through which you can get your policy renewed without much trouble and on time. Though, the above-mentioned tips will help you out, in case you miss your health insurance renewal.
Renewing your mediclaim policy on time is important as you do not know when an emergency would knock your door. To enjoy the continuous benefits of your health insurance, make sure that you make timely payments.