Points to remember while renewing Health insurance
Once you have insured your family under the most idyllic health care plan, you also have the responsibility to renew it promptly before the deadline expires. You can easily renew your policy via an online facility. Have a look at some of the key features and requirements we have listed below, if you are planning to renew your health insurance policy any time soon.
Renew before the due date
When a policyholder fails to renew the policy on time, a grace period of 15 to 30-days is provided by the insurers to pay the premium dues. If the premium is not paid within the grace period, then the policy lapses. Therefore, the policyholder should always remember to renew the policy on or before the due date.
Adding members to the policy
If after a certain period, the policyholder decides to add more family members to the policy, he/she can do this at the time of renewal. Besides this, policyholders can also take out names from the coverage and make changes to the existing terms in the policy as well.
Increase the sum assured
Policyholders can also raise the sum assured on their policy by placing a request at the time of renewal. Also, the health insurers may impose certain terms and conditions for increasing the sum assured, such as no claim history and requirement of medical tests if the requested enhancement is significant. However, sometimes it might happen that the sum insured is within the range of maximum coverage assured under the policy. In such situations, the policyholder cannot make use of this option.
Check for changes in the policy terms
If the policyholder is willing to continue his/her policy with the same branch of the company, he/she must carry the policy renewal notice at the time of renewal. And, when the insured decides to change the branch, they will have to produce the following documents such as last year’s policy, policy renewal notice, proposal form, photographs, the cheque for the proposed amount, and a mandate letter.
Check the documents to be carried on the day of renewal
If the policyholder is willing to continue his/her policy with the same branch of the company, he/she must carry the policy renewal notice at the time of renewal. And, when the insured decides to change the branch, they will have to produce the following documents such as last year’s policy, policy renewal notice, proposal form, photographs, the cheque for the proposed amount and a mandate letter.
Disclose any new illness/condition
If you or any member of your family covered under the health insurance occurred with a new disease or illness, make sure you inform the insurer at the time of policy renewal. Doing so will help you to avoid any hassle while filing for a claim settlement in the future.
Always keep the receipt safe
Once you have made renewal in your health policy, make sure to inform about the changes to the closest member in your family and keep the receipt in safe custody. As it will help you a lot while filing a claim settlement.
Additional information about health policy renewal-
Below given are some of the additional information that the policyholders need to keep in mind at the time of policy renewal-
- Insurance companies do not allow the policyholder to make any claims in between the time of policy lapse and renewal. Renewal needs to be done before the expiry of the grace period which is 15-30 days.
- If the policyholders decide to migrate, they are eligible for the same benefits under the policy for which they were initially insured.
- Insured individuals can also change their agents or brokers at any time by simply making a request mentioning the reason for its change.
- No claim bonuses are available at the end of each year if the policyholder makes no claims during the previous year.
- Individuals while choosing a different insurance provider for the plan, he or she must have to notify their existing insurer in 45 days advance.
- In case the insurer rejects the renewal application, the customer has the right to seek an explanation for the same.
To upkeep with the rising medical costs these days, taking a health plan is a wise decision. Along with that, one also must make the renewal of their health policies before the due date, make required updates in it and keep it alive so that it may be useful to you and your family at the time of any medical emergency.
