Health Insurance policy should be renewed after certain period that will help to keep updated with new benefits along the old ones.
A health insurance policy is the best way to cover anybody’s health related issues and become a support for all kind of medical expenses. It is like a financial supporter, a member of family who stands beside when the tough time comes in a family and gives the family courage and stability. But it is not enough only to buy a health insurance policy, that policy should be renewed after a certain period of time as basically most of them are come with a period of 1/2/3 years.
Renewing the certain health insurance policy either it is individual or family basis is very important as it provide some advanced policy benefits. An upgraded health insurance policy not only provides the normal policy benefits but also keep updated with new benefits also. There are certain processes of renewing the Health insurance policy such as: 1) Offline mode and 2) Online mode.
It is a little hectic mode as the policy holder has to visit the insurer’s branch at first to pay premiums or can meet the agent through which he can pay the premiums by a cheque. A cheque is the best process of payment as the cash may be lost or misplaced but giving a cheque will keep the record.
An online mode is the easiest way to renew a health insurance policy, it need just the website at first, then the policy holder has to fill up required details with step-by=step and the job will done instantly.
Details of Online method
For the help of the readers here is a detailed description of the online method that will guide them to do the process easily.
Log in to the insurer’s website:
The first step of renewing the health insurance policy is logging in the insurer’s website at first and after that just click on the ‘Renewal’ link on the ad and it will lead to another page for renewing the policy.
Provide basic details:
On the next page it will ask for some basic details of the policy holder like the policy number, insured’s date of birth etc. Some websites may ask for insurer’s ID or policy number and there are also some other details also to fill up.
Make premium payment:
After entering into the policy certification user can pay directly of the health insurance policy and can get the option either to pay with debit or credit card.
Instant renewal policy:
When the payment is sanctioned then the insurer will give a digitally signed copy of the renewed policy with all the essential documents and coverage to the policy holder and he can take print afterwards. In the renewing time the policy holder will get a username and password which will help to check the policy details via online in the future.
The things will lose in case of not renewing the process on time:
There are certain benefits that a policy holder will lose if he/she don’t renew the policy on time and then the holder has to buy a new policy and will lose the benefits:
No claim bonus:
The insurer will offer a discount for not making any claim on the previous policy years and can have some increment in the insured sum. This benefit will lose in case of non-renewing.
Cover for previous claimed diseases:
The previous policy may cover some serious health issues and covered after 3-4 years of continuous coverage and others are covered after 2-3 years. This coverage will lapse in case not renewing the policy or buying new one.
Waiting period clauses:
Every mediclaim policies have 30 days normal waiting period and it will start from beginning in case of not renewing the process on time.
Renewal guidelines for health policies:
According to IRDAI regulations, an insurer has to renew his/her policy except fraud, moral danger and misrepresentation.
Insurer can force insured to take any other policy that has new upgraded features.
A policy has to specify all the kind of details and terms to the insured clearly.
The policy renewal period would be 30 days after from the actual date and in this period the insured can get all the benefits.
Without the approval of IRDAI no further thing can be added or changed in the policy.