Health Insurance Renewal

Step 1 -  Call the customer care number.

Step 2 - Share required details and understand available plans.

Step 3 - Make payment once you are sure about the policy.

You cannot raise a claim.

You would have a lapsed policy if you don't renew for a longer time (the grace period).

You may lose the NCB, and the sum insured will decrease or remain the same even if you did not register a claim during the previous policy period.

You may have to serve a longer waiting period. This implies you would be bearing out-of-pocket expenses until the completion of the waiting period.

The premium of your new policy may increase.

You may have to undergo health screening for the new policy.

Set a reminder on your personal device. This can be easily done on the day you buy the health insurance policy. Simply set a reminder for the expiry date (or a few days before) to help you remember the upcoming renewal.

Nowadays, people avoid answering their phone from an unknown number fearing a spam call. You can install any of the available applications that identify the caller before you answer. This will help you know if the insurer is calling to remind you about the expiry of your health plan.

Your health insurance company may also send a reminder via email. So keep a habit of checking your personal email from time to time.

Do not postpone the renewal procedure until the last few days before the policy expiry. Initiate the process at least 4 weeks in advance to complete any required medical checkups, submit documents, get approval and make payments on time. Delays can cause gaps in coverage, which can be risky.

Make sure to disclose any pre-existing health conditions, recent diagnoses of diseases, or any signs and symptoms noted in the last year. Non-disclosure can allow insurers to reject claims later. Be transparent for a smooth claims process later. 

Inform your insurer if there are any changes in your address, name, bank account, email ID, mobile number, nominee details, etc., so they can reach you easily and issue timely claim payouts. Outdated details can obstruct communication.

Consider if your sum insured, add-ons, etc., need revision based on medical inflation before renewal. For instance, review if you need to increase sum insured by 20% to cover current healthcare costs sufficiently.

Carefully read policy terms and guidelines related to waiting periods, exclusions, etc., before completing documentation to avoid surprises at claim time. Insurers may amend clauses.

Before renewing, check if other insurers offer cheaper premiums or better features for the same coverage. Refrain from blindly paying renewal quote if you can get better value.