Every health insurance plan has a set duration of one, two, or three years. The policy must be renewed after this period. To continue receiving the coverage benefits your health insurance provides, you must renew the insurance plan after it expires. Otherwise, you will have to repurchase the policy, which may be a difficult task, and you will lose the accrued benefits like the cumulative bonus or waiting period benefits. You have the option of renewing your health insurance through the official website of your health insurance provider. *
The process of renewing a health insurance policy takes only a few minutes. One can renew a health insurance policy offline or online, depending on convenience. Most health insurance providers have an online renewal option because it offers customers flexible payment options and saves them time. No matter the mode, it is imperative to prioritise renewing health insurance.
Benefits Of Renewing Your Health Insurance Policy Before It Expires
In addition to peace of mind, timely renewal of your health insurance coverage offers you the following advantages:
• Continuous Protection: After a certain age, most health insurance providers stop offering their services to clients. This is because people typically have some chronic diseases or pre-existing conditions as they get older. One should purchase health insurance as soon as possible to avoid a situation where they might need it but cannot. According to the terms and conditions of the purchased policy, continuing protection is ensured by the timely renewal of health insurance. * Claims are subject to terms and conditions set forth under health insurance policy.
• Tax Benefits: Section 80D of the Income Tax Act of 1961’s tax benefits are available to policyholders who purchase health insurance. One should renew their health insurance policy promptly to continue receiving tax benefits. **
• Medical Insurance Costs Increase As You Age: Your health insurance premiums will be less expensive the younger you are when a health insurance policy covers you. Therefore, if you let your current health insurance policy lapse, you may not be able to get a policy at the same health insurance premium, making life’s necessities more expensive.
How To Make An Online Health Insurance Renewal?
Through the insurer’s website, you can renew your health insurance online. Health insurance renewal is simple, especially if done online. The steps listed below can be used to renew a medical insurance policy online through the website of the insurer:
Step 1: Go to the insurance company’s official website.
Step 2: Visit the website’s section for renewing health insurance.
Step 3: Type in your registered mobile number and previous health insurance policy number.
Step 4: Verify the terms of the policy and the renewal premium.
Step 5: Pay online through Net Banking or a credit/debit card.
The sum you must pay the insurance company to use the benefits of health insurance is known as the health insurance premium. To keep the policy in effect, you must pay the monthly premium for your health insurance. A health insurance premium calculator is a convenient tool you may utilise online to check the amount of coverage needed based on your requirements.
* Standard T&C Apply
** Tax benefits are subject to change in prevalent tax laws.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
