A health insurance policy tends to be valid for a certain point of time. The duration may be between 1 to 3 years. Before this duration, you need to renew the policy so that you may obtain the benefits from it. A simple fact is if you are looking to cash in on all the benefits of a youth care health plan, you need to renew it before the stipulated time frame
It is like recharging your health insurance policy to obtain coverage for an extended period of time. In other words, renewal replicates a scenario for reactivation of the coverage under a health insurance plan. If you do not renew your policy before the due date it is going to lapse and all the benefits like No waiting or No claims would be lost. So as to resume the benefits of a health insurance plan you need to claim the benefits all over again.
Is it possible to renew the health insurance policy or not?
You may be thinking on the lines whether to renew your health insurance policy or not. At this point of time, you may be feeling well and not thinking of renewing your policy. But life is uncertain, and any form of medical emergency can strike at any point of time. You could be diagnosed with an element the next day and health insurance could turn out to be a saviour. A suggestion is to purchase the policy on time since it is going to provide assured protection and financial security for the rest of your life.
Things to keep in mind before you are planning to renew your health insurance policy
Several pointers come to the fore if you are planning to renew your health insurance policy before time.
- You need to renew before the expiry date- before the expiry date you need to renew the policy. An insurance company would be sending you the renewal notice and providing you with a 15 days grace period to renew the policy. But if the policy lapses there is no waiting period and no claim bonus feature is lost
- Figure out your health insurance requirement- You have to renew your health insurance requirement as it turns out to be an important point for personal finance and insurance needs.
- Sum assured has to be checked- according to your requirements you need to check out the sum assured. It is going to be done when you are renewing the policy.
- The terms along with conditions are vital- as per the latest rules along with regulations of IRDA, the terms along with conditions will be changed when you are renewing the policy. Any change in the premium or benefits is also possible after the prior approval of IRDA.
- Addition or deletion of family members- in a family floater policy it is possible to add or delete any member. You can delete the name of any member if you do not want them to be part of the policy
What would be the case if you do not renew your health insurance policy on time?
If you are not renewing your health insurance policy on time you miss out on the following benefits
- Missing out on existing opportunities- Numerous companies are there which provide benefits of No claim renewal or No claim bonus, but if you do not renew the policy, you are not going to avail the benefit.
- Health coverage loss- if you do not renew your health insurance policy before time, you are not going to avail the feature of recurring coverage.
- Medical test and paperwork- If you plan to renew your old policy rather than purchase a new one then you need to undergo the test and complete the paperwork all over again.
- No form of reduction when it comes to the waiting period- certain type of pre-existing diseases may be covered after a certain point of time. So, if you are not going to renew your policy on time it is going to start from an initial phase. Care Insurance suggests that you need to purchase your policy well before time.
To sum up things you may renew your policy online or offline which would be based on your convenience. It is always suggested that you renew your policy online since there are a series of benefits. Firstly, it is going to save your time since you may renew the policy from any location of the world. Secondly numerous payment options are there like debit card, credit card or other payment gateways. When you are filling the form online there is less chance of mistake as the policy holder is going to fill all the information at their own level.