Health Insurance Renewal Policy: Step-by-Step Guide

Health insurance policies have a set duration during which they are valid. When your policy expires, you lose the eligibility to make any claims for policy benefits. To ensure continuous coverage, it is essential to understand the importance of online policy renewal either annually or when the validity period ends. If you need more knowledge about the advantages of renewing medical insurance and the procedure, this post is here to help.

Explore the methods for renewing your insurance policy online, the benefits of policy renewals, and some crucial factors you should consider.

Process to Renew Your Health Insurance Policy

Below mentioned are the steps of how to renew insurance online in five simple steps:

• Step 1: Begin by visiting the insurance company's webpage, where you'll be asked to provide your policy number and proceed with the renewal.
• Step 2: You need to enter your date of birth. For family insurance plans, you can use the date of delivery of any insured family member.
• Step 3: Click the "submit" option to receive the details of your annual mediclaim policy premium.
• Step 4: Next, click the "pay" button and complete the required payment using your debit/credit card or net banking.
• Step 5: Upon successful payment, you'll receive a policy transaction number and a link to complete your application form. Your policy will be issued or renewed only after you've completed this application.

It's essential to buy a healthcare insurance policy to safeguard yourself and your loved ones from unexpected medical emergencies. However, renewing your policy is an equally important factor that is often overlooked by people.

Advantages of Renewing Your Healthcare Policy

Renewing your insurance plans, particularly group health insurance, is important since an expired policy will render you ineligible for any benefits. Here are some key advantages of online policy renewal:

• No Claim Bonus Benefit: As a policyholder who has refrained from making any claims for several years, you can reap the benefits of a "no claim bonus." This bonus allows you to secure higher coverage at the same or even lower premium rates while keeping your coverage intact. However, renew your plan on time to ensure this valuable benefit is recovered.

• No Waiting Period: The waiting period is when you cannot file claims for your hospitalisation expenses or pre-existing conditions. When purchasing a new policy, this waiting period typically ranges from 30 to 90 days. By renewing your existing plan, you can bypass this waiting period, ensuring immediate coverage for your medical needs.

• Grace Period: If you are an existing policyholder with the company, you may enjoy the grace period benefit. This means that even if your policy has expired, you can still renew it within 15-30 days without incurring any additional charges.

Considerations for Renewing Your Health Insurance Policy

While insurance plans offer a range of benefits, it's crucial to keep the following factors in mind when it comes to online policy renewal:

• Health Insurance Portability: Before you plan your health insurance policy renewal, take a moment to assess your current policy. If you're dissatisfied with your current insurer's services, remember that you can switch to a different insurance provider without forfeiting any accrued benefits. This flexibility is known as health insurance plan portability.

• Assess Cumulative Bonus Eligibility: When you renew your health policy, it's essential to verify if you qualify for a cumulative bonus or No-Claims Bonus (NCB). This bonus translates into premium payment discounts, provided you have not filed any claims during the previous policy period.

• Review Your Sum Assured: To ensure your insurance plan remains robust, it's essential to maintain an adequate sum assured. During the renewal process, consider requesting a revision in the sum assured if your lifestyle needs have evolved or if you've included new family members in your family insurance plan.

• Add or Remove Family Members: For those with a family insurance plan, it's prudent to assess whether you need to extend coverage to new family members during renewal. This could encompass a newly born child or your retired parents. Alternatively, you may remove an existing family member, such as an adult child, from the coverage.

• Health Condition Updates: Keep your insurer informed of any changes in your health status over the past year. This transparency ensures that both parties in the agreement stay informed about their benefits and any additional requirements, fostering a better understanding of your medical insurance needs.

Bottom Line

A health insurance policy provides individuals with financial security during medical emergencies. Consequently, it is essential to prioritise the timely renewal of these policies. To maintain uninterrupted coverage, make sure to renew your policy well in advance of its expiration date. Visit the Niva Bupa website today for renewal options!