*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
Once you have purchased a health insurance plan, there are two facts that are pertinent to know about - first, is policy renewal and the second is the terms and conditions of the claiming process. Policyholders’ ignorance of basic facts with the health insurance renewal process, often deprive them of the continuation benefits and forces them to start a new policy; either with the same company or a new insurer. To make sure that you are not deprived of insurance benefits simply due to your lack of knowledge, consider these 5 important facts that put you in a better position.
Typically, a health insurance plan is offered for a period of one year; and must be renewed each year. Though insurance companies send renewal reminder, it is indeed the responsibility of the policyholders to renew their policy on time.
Doing so would ensure that they don’t lose out the continuation benefits of the policy like waiting periods for pre-existing diseases or no claim bonus accumulation. If not renewed in time, a health insurance policy will lapse, and the policyholder no longer is eligible for continuation benefits.
Below are the factors to be checked before renewing health insurance:
Policyholders should inform their health insurance provider about any change in the health condition that has occurred during the previous year. If they intend to close their policy, they should make a formal request to do the same, at least 30 days in advance, prior to the policy expiration date.
The policyholder must pay the premium payable to the insurance company to keep in effect the health insurance policy. The receipt of the premium paid by the insurer is proof of the policy holder’s commitment towards utilizing the benefits of the plan.
If the insured fails to renew the policy in time, they can do so, he may be allowed for a grace period of fifteen days by the insurance company to pay up the policy’s renewal premium. If the insured renews the policy within that stipulated period, the policy will be valid and the insured will be eligible for the continuation benefits.
At the time of renewal of their health insurance plan, policyholders can opt for a policy upgrade with better benefits, or switch over to a new service provider, without losing the policy continuation benefits. The policyholder must also communicate the same to the existing insurance company, at least 45 days ahead of the scheduled policy expiration.
There are also a few other things that health insurance policyholders must keep in mind so that their health insurance policy will continue to deliver the benefits as promised. These are;