7 Points to Note When Renewing A Health Insurance Policy

Every person wants to succeed and achieve their aims in life. They dedicate all their time and effort towards building a successful career and shaping a secured future. It is essential to take care of every resource and asset as it helps live a better life. Health is one of them, and people should take measures towards living a healthy and active lifestyle. A healthy heart and mind can think of new ideas and gain positivity from the surroundings.

Health insurance plans help people reduce their worries about the expenses for the treatment of health issues. They can save a lot on hospitalisation and medical treatment for most of the ailments and sufferings, including those in the old age. Applying for them is an excellent idea, but people should remain aware of their renewals and usage as well. They should set a reminder for their renewal date and pay the premium before the policy expires. Those who fail to pay their premium on time lose the continuation benefits of the policy and have to apply for a fresh one.

All health insurance policyholders get a grace period of one month to pay the renewal fee, but without getting health coverage. They can update their policy on their renewal dates.

Following are some points to remember during renewal:

  1. The renewal date: All policy applicants must make a note of the renewal date at the time of receiving the policy. Set reminders on the calendar, phone, diary, or laptop while doing renewals. They can lose the waiting period for pre-existing conditions like diseases by not renewing or allowing the policy to lapse after the grace period. They can also lose coverage.
  1. Change in the number of insured people: While renewing a health insurance policy, policyholders can change or add family members to it. They may need to add a parent or child for tax benefit. Many couples take separate policies for themselves as well as each member of the family for additional tax benefits. Please read all thedocuments carefully before investing.
  1. Adding top-up plans: When applicants feel their policy is not up to the mark, they can always add a top-up plan at the time of renewal. They can increase the coverage of the current plan as per their requirements and may also need to take more medical tests before claiming the entire insurance amount. 
  1. Check for any changes in the terms and conditions: The IRDAI should accept any modifications made to the policy before the insurance company implements it. Insurance policyholders can also port their policies to another company or change their plan if they are unhappy with the new terms and conditions. 
  1. Analyse the requirement: While applying for health insurance in India be it through the LGI LivMobile App or offline, all the insured must check and analyse their needs along with the policy coverage. They can make changes to it at the time of renewal. 
  1. Increase the amount of the sum assured: When increasing the sum assured at the time of policy renewal, the premium will also go up. Companies can also provide with top-up plans to make up for the shortage and has their rules and regulations. 
  1. Disclosure of new illnesses: If any of the family members covered under the insurance plan suffers from an unknown illness or disease, inform the insurance provider. They must also be aware of the same at the time of insurance renewal.

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