Know The Procedure To Renew Your Health Insurance Policy.
Today, a plethora of insurance policies are available in the insurance market. A few common insurance policies are health, motor, and life insurance policies. All the insurance plans have a predetermined duration. The policy must be renewed before the due date to avoid termination of the policy plan. During the renewal of the policy, you can switch the insurance provider or continue with the existing provider. The process of renewing the policy involves two methods. You can either visit the nearest branch of the insurer or do it online by yourself.
Renewing health insurance online is much easier and quick when compared to renewing the policy offline. Hence most people prefer renewing the policies online without the intervention of agents or the insurer. This article will explain the procedure to renew your health insurance online but first, let us understand why it is important to renew your policy before the deadline.
Consequences of not renewing the policy on time -
It does not reduce the waiting period: The waiting period of certain pre-existing diseases is determined by the insurance company. This span of time reduces with every renewal. When you do not renew the policy before the deadline, the waiting period will not reduce.
Loss in coverage: If you fail to renew the policy, you cannot benefit from the continuous coverage. The coverage will lapse when the deadline is crossed.
Loss of No Claim Bonus: The accumulated No claim Bonus will go in vain when you do not renew your insurance policy on time. You will not be eligible to claim the No Claim Bonus benefits.
Points to Remember during the Policy Renewal -
Analyze your requirements: Before renewing your health insurance online, analyze your requirements, check if the existing plan meets your current requirements. If no, then switch to the different plan or different insurer
Revise the sum insured: After analyzing your requirements if you feel that the sum insured has to be increased, do it during renewal. If the sum insured cannot be increased easily under the active plan, you can choose to pick a few covers to enhance the security
Read the wordings before renewal: Ensure that you have gone through the policy wordings carefully, before signing for renewal. There may be certain terms and conditions you are not aware of, or which do not meet your requirements. Hence make it a point to read and understand every terms and condition of the policy
Renew your health insurance before the deadline: It is crucial to renew the policies before the deadline. This will ensure that the No claim bonus and waiting period reduction is retained
How to renew your health insurance online -
Online insurance policy can be renewed online within 10 minutes. The process is simple and convenient for everyone. There is no paperwork involved which makes it a hassle-free process. The steps involved in renewing the policy online are;
Visit the website of the insurance provider
Choose the “renew policy” option
Fill in the details required. Usually, the policy number and registered mobile number are required.
After filling the relevant information, you should choose the payment method.
You can pay either through a Debit Card, Credit Card or Net Banking
Once the payment is confirmed, you will receive a digitally signed document of your policy. You can choose to retain it in the same form or get it printed.
After renewal, you will receive a username and password which can be used to check the details of your policy.
By renewing the policy you can avail a lot of benefits which you might miss out otherwise. Hence to gain continuous coverage, make sure you renew your health insurance policy on time. Now that the renewal process is simple, quick, and convenient, it should not be a mammoth task for you. Utilize the provision of online renewal and keep your policy updated.