Do you find the constant reminders from the insurance company asking you to renew your health insurance plan annoying? If yes, then for all the wrong reasons. The reminder is much needed to continue enjoying the benefits of the existing policy. Renewing the policy before it expires ensures uninterrupted health coverage and saves you from paying a higher premium. The online policy renewal process is quite explicit and hassle-free. Read on to learn more about the benefits of policy renewal before expiry and the ensuing health insurance renewal rates.
Things to Remember During Your Health Insurance Policy Renewal
Renew Your Health Insurance Plan Before the Due Date
It would help if you renew the health insurance plan before the deadline. If you fail to do so, the benefits under the policy will cease immediately. However, a grace period of thirty days is given to extend the policy. The health cover is not applicable during the grace period. The policy is terminated if you don’t renew it even during the grace period.
Review Your Health Insurance Requirement
Reconsider your insurance requirements while renewing the policy and tweak it accordingly. You can opt for a higher insurance amount, add or remove the members insured in the policy, or mull over having some add-ons in the policy. If you wish to switch the policy, apply for migration to another health insurance plan at least thirty days before it terminates. You can even avail of the continuity benefits during the waiting period if you have been previously continuously covered by the health insurance plan offered by the company.
Revise the Sum Insured Under Your Health Insurance Plan
The higher the sum insured, the greater your ability to claim the amount during distress. Suppose your insured sum amounts to Rs. 2 lakh and your mother is diagnosed with some serious illness. If each hospitalisation demands Rs. 40,000, the entire sum will be exhausted in five consultations, leaving you vulnerable to out-of-pocket expenditure. Therefore, while renewing the health insurance plan, revisit your present and future expenses.
Disclose Any New Illness or Medical Condition
You should maintain transparency regarding diseases with the insurance company to ensure a smooth and hassle-free claim settlement process. Though the insurance company provides coverage against pre-existing ailments, the waiting period is usually 2-4 years. The revelation of new medical conditions may cause you to pay a higher premium, but it is crucial to claim your assured sum. The insurance company can even take legal action against you for breach of trust if you don’t disclose the correct information.
Check for Changes in the Terms & Conditions of Your Health Insurance Plan
Check the terms and conditions of your policy cautiously while renewing your health insurance plan. If your insurance company tweaks any of the conditions, it will communicate the changes to you three months before their implementation. Remember that the insurer is liable for payment only if you fulfil their terms and conditions.
Inform Your Family About the Policy Changes
Keep your family in the loop regarding the changes in your policy, be it migration or portability. It helps them make the right choice during emergencies. It also saves them from financial distress if anyone from the family raises an immediate health concern. Provide the policy details to every insured person in your family so that they can take the right action at the right time.
Online Process for Health Insurance Renewal
Here is the process to renew your health insurance plan online:
- Visit the website of your insurance company, say, ICICI Lombard.
- Go to the ‘Renewals’ section of the website’s menubar and choose health policy.
- Enter the policy number or your mobile number to proceed.
- A form with the pre-filled details appears on your screen. Make the necessary changes wherever required.
- Once you review the details, proceed to pay the premium.
- On successful payment, you will receive a confirmation message and a digitally signed copy of the renewed policy.
- Secure the policy document for all future references.
Conclusion
So, the next time the policy renewal reminder pops up on your mobile, do not throw the message into the trash. Act on it immediately and apply for your health insurance plan renewal to continue enjoying the health benefits and tax waiver. The premium paid is not subject to income tax and can be claimed under Section 80D while filing an Income Tax Return (ITR). If you are still not convinced enough, gear up for re-application and rigorous medical checkups, along with a higher dent in your pocket in the form of increased premiums.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.