Health insurance policies come with a validity. Once your policy expires, you will no longer be eligible to claim any policy benefits. You need to keep renewing your insurance policy annually or once the validity is over to enjoy uninterrupted coverage. So, if you’re unaware of the benefits of health insurance renewals and the process to renew your policy, this blog is for you.
Check out the ways you can renew health insurance policy online, benefits of policy renewals and a few important factors that you might need to consider.
Health insurance renewal can be made easy and simple when the process is completed online. Follow these basic steps below to complete the health insurance renewal online:
The actual procedure for online health insurance renewals can vary between insurers. If you follow these steps, your policy will be renewed in mere minutes.
Timely health insurance renewal presents a slew of benefits to policyholders. Following is a glance at such benefits:
Accidents and illnesses can occur at any time. A lapse in the insurance policy may make it difficult to cover the expenses arising in due course of seeking treatment.
Purchasing any health insurance plan makes you eligible for tax relief under section 80D of the Income Tax Act 1961. It is important to have a valid insurance policy in place to maximise savings in the long run. The tax deductions available are as follows:
|Conditions||Tax Deductions (in Rs.)|
|Insured person and Family (members under 60 years)||25,000|
|Insured person + Family + Parents (members under 60 years)||25,000 + 25,000 = 50,000|
|Self, Family (all members below 60 years), Parents (above 60 years)||25,000 + 50,000 = 75,000|
|Self, Family (eldest member above 60 years), and Parents (Senior Citizen)||50,000 + 50,000 = 1,00,000|
To continue availing of such tax benefits as mentioned below, you should renew health insurance on time.
No Claim Bonus (NCB) is a benefit offered to insured individuals for every claim-free year. If a policyholder does not raise any claim during a given year, he/she can enjoy a higher sum insured or discounts on the policy premium in the subsequent year.
While renewing your insurance policy, consider the following pointers:
A grace period is a small time gap that insurers offer after the due date for health insurance premiums. It is the number of days within which a policyholder can make payments towards their health insurance premium. Most insurance companies offer a grace period of 15 days. However, this period varies between insurers.
It is necessary to check the grace period before renewing a health insurance policy, as this time frame works as a second chance. If you miss the due date, you can renew the policy by paying the amount within the grace period. Failure to pay premiums within the grace period will lead to policy cancellation.
Policyholders can add or remove family members’ names while renewing their health insurance policies. For example, they can add or delete names of kids born during the past tenure or members who no longer live with them. This helps policyholders provide better coverage for their present family in the long run.
You can revise or enhance the sum insured while renewing your health insurance policy. For example, you can enhance the sum insured by paying an extra premium, which might be less costly than getting a new policy.
Portability is the facility under which a policyholder can transfer his/her health insurance policy from one insurance company to another. This feature helps you to shift under a new company with a lower premium while keeping the ongoing benefits intact. Under the mandate of IRDAI, portability is applicable to all health insurance policies.
If you plan to opt for policy portability, consider applying to the new company at least 45 days before your policy renewal date.
Consider reviewing the renewal terms before renewing your health insurance. This will help you gain insight into policy changes and help you plan your finances accordingly for a safer future.
With Navi health insurance policies, renewal takes only a few minutes. Download the Navi app to enjoy a completely paperless process.
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A health insurance policy ensures financial safety for individuals in the face of medical emergencies. It is, therefore, pertinent to ensure that such policies get renewed on time. Opt for policy renewal well before they lapse to enjoy continued coverage! download the Navi App and buy a health insurance plan with premiums starting as low as INR 241.
Ans: Health insurance renewal is not an automatic process. However, you can get this done online by visiting the official website of the insurer.
Ans: A grace period gives policyholders a window to pay premiums if they cannot renew a policy on the due date. Generally, a grace period is of 15 days. However, some insurers also provide a 30 days grace period.
Ans: It depends on your policy. In general, a policy lasts for 12 months. Post that, you need to renew it.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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