Importance of Lifetime Renewability in Health Insurance

Health insurance plays a crucial role in making expensive medical treatments more affordable during times of need. While many people are increasingly adopting healthier lifestyle, the relevance of health insurance remains undeniable. With the IRDAI mandating insurers to offer plans with lifetime renewability, this feature has emerged as a standout benefit, allowing people to avail mediclaim benefits throughout their lives. Let’s learn everything about the lifetime renewability feature in detail.

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      What is Lifetime Renewability in Health Insurance?

      Lifetime renewability in health insurance refers to a feature that allows policyholders to renew their medical insurance policy every year without any age restrictions or limitations. This means that health insurers cannot refuse to renew your mediclaim policy based on your age, health condition, or claim history, as long as you pay the premiums on time and comply with the policy terms.

      As per the Insurance Regulatory and Development Authority of India (IRDAI) guideline, it is mandatory for all mediclaim insurance providers to offer plans with lifetime renewability. In fact, insurers cannot deny policy renewal unless there is evidence of fraud, misrepresentation, or an attempt to use the health insurance plan for fraudulent claims. Moreover, the insurer will have to give a solid reason in writing if it denies the renewal of health insurance policy online.

      Why is Lifetime Renewability Important in Health Insurance?

      Check out the benefits of lifetime renewability in health insurance:

      1. Uninterrupted Coverage

        With lifetime health insurance, your mediclaim coverage continues for life regardless of your age or health condition. This feature guarantees that you will always have access to medical protection, even in critical stages of life when health issues are more likely to arise.

      2. No Waiting Period for Pre-Existing Diseases

        Switching to a new health insurance plan often comes with waiting periods for pre-existing diseases (PEDs). But if you have a lifetime medical insurance policy in India, you do not have to serve any waiting period at the time of renewal and will have seamless coverage for any health conditions you may already have.

      3. Protection Against Rising Healthcare Costs

        Lifetime renewability in health insurance ensures you remain protected against rising healthcare costs. This gives financial relief, especially for senior citizens during their retirement years.

      4. Stability in Premiums

        Lifelong renewal feature ensures that your health insurance premium costs remain consistent, regardless of changes in age or health. This stability makes it easier for you to plan your healthcare expenses and offers peace of mind.

      5. Convenience of Continuous Renewal

        Unlike purchasing a new plan, which may involve pre-policy medical tests or other formalities, a lifetime health insurance policy saves you from these hassles. You can renew your existing policy smoothly, with minimal paperwork or conditions.

      6. Reduced Financial Stress

        As you grow older, securing health insurance at reasonable costs becomes harder. Lifetime renewability removes this uncertainty and takes off the financial pressure in case of any medical emergency.

      Factors to Consider While Renewing a Health Insurance Policy with Lifetime Coverage

      When renewing a health insurance policy that comes with lifetime coverage, keep these points in mind to ensure you make the best choice for yourself and your family:

      1. Compare Plans Thoroughly

        Take time to research and compare different mediclaim insurance options online. This will help you understand what each plan offers and find one that best suits your needs.

      2. Balance Cost and Benefits

        While affordability matters, it should not be the only factor when opting for a health plan. You must always focus on getting a health plan that provides comprehensive coverage at a reasonable price.

      3. Check Policy Details

        Ensure you carefully review your policy details, such as inclusions, exclusions and more. Being aware of the coverage will help you avoid surprises during the health insurance claims process.

      4. Choose a Trusted Insurer

        Always opt for a health insurance company with a strong reputation and a high Claim Settlement Ratio (CSR). This ensures you get reliable service and peace of mind.

      5. Look for Excellent Customer Support

        While renewing a mediclaim policy, choose an insurer with a responsive customer support team so that all your queries can get resolved on time.

      FAQs

      • Q1. What is the meaning of lifelong renewability?

        Ans: Lifelong renewability allows you to renew your health insurance policy without having to re-qualify or meet any new requirements. This ensures that you continue to have access to health insurance coverage for your entire life. It is especially helpful for senior citizens, as they often face higher medical expenses and may struggle to get new coverage as they age.
      • Q2. What are the guidelines for lifetime renewability?

        Ans: The guidelines for life long health insurance policy involve:
        • Insurance companies can only refuse to renew a policy if they discover fraud, misrepresentation, or false claims made by the policyholder.
        • If an insurer decides not to renew a policy, they must give a clear and valid reason in writing.
        • Even if you have made a claim in the previous year, you can still renew your policy without any issues.
      • Q3. What is the benefit of lifetime renewal?

        Ans: The primary benefit of lifetime renewal is peace of mind. It ensures that policyholders, regardless of their age or health status, can continue to get medical coverage without worrying about being denied renewal. This is particularly valuable as people grow older and face more frequent health problems.
      • Q4. Is it mandatory for insurers to provide a lifetime renewability facility in their health insurance policies?

        Ans: Yes. As per the IRDAI, it is mandatory for all health insurance companies in India to provide a lifetime renewability facility in their mediclaim policies.
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      Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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      *Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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