There are certain changes made by IRDAI in renewal of the Health Insurance policy.
Now-a-days medical expenses are on the peak for some reasons which affects the budget of the people and as an up growing country like India it becomes a horrible tension for the guys. So it is mandatory for all kind and aged people to buy a health policy to secure the medical expenses and also it need to be renewed on-time. Health insurance policies are generally available for a time of 1, 2 or 3 years and policy holder need to renew it for continuing it to get the benefits under the health insurance policy.
The benefits that lie under the health insurance policy are like the uprising medical expenses of hospitalization for any illness, minimal or deep injuries and many other medical conditions. After renewing the policy in the time holder can enjoy the continuous benefit of a health cover.
But sometime this renewal process take time and lot of documents and rules that become a hectic for the policy holder. Here is some easy way for the renewal of the health insurance policy. This renewal process can be done in two ways: 1) online policy and 2) offline policy.
In this method, policy holder needs to go the branch from where he gets insured for paying premiums or an agent can collect the amount of premium through the cheque of the holder. Giving cheque in the name of the insurance company is safe than giving in cash.
if anybody get his/her health insurance policy online, so he/she can renew it from the same place and the process is bit easy. A form with required details needs to be filled up and the policy will renew in that moment, just some steps have to follow properly.
Log in to Insurer’s website
To renew the policy from online policy holder need to log in at first in his/her insurer’s website. After entering there just click on the ‘Renewal’ link which is available over there and he/she should be redirected to a page to renew the policy.
Provide basic details
Insurer must provide basic details of the policy like policy number, insured’s/proposer’s date of birth etc. In some insurer’s websites, insured person need to login through member ID or policy number to start the renewing process of the policy.
Make premium payment
After entering in the policy credentials, he/she will see a policy gateway for paying the premium of the health insurance policy. The premium can be paid by the debit/credit card or through net banking.
Quick renewal of the policy
After the payment, insurer will give the insured person a signed copy of the renewed policy which will have all the details of the policy and the coverage. In case of online renewal of the policy, insured person will be provided a username and password which will help to check the policy details online on the insurer’s website further.
Losses cause for not renewed timely
When a policy holder forgets to renew his/her policy on the premium date or during the grace period of 30 days after the due date of payment, the policy will expire. Then a new policy has to buy and the policy holder will lose the benefits from previous policy, the benefits are:
No claim Bonus:
For every policy the insurer offers a discount for not raising any claim in the time of the previous policy years. This benefit will only available as an increment with the original sum insured and this benefit will no longer applicable if the policy may not renewed.
Cover for pre-existing diseases:
Under a new health insurance policy, an insured person get a cover from pre-existing diseases and it is covered after 3-4 years of continuous coverage and other diseases are covered after 2-3 years policy coverage. When the policy don’t get renewed all this benefits will lapse.
Waiting period clauses:
Generally Health mediclaim policies come with a 30 days compulsory waiting period and in this time no claim can be raised by the insured person except accidental one. In case of not renewing the policy the waiting period will be applied again.
So for an easy renewal and more benefits IRDAI has set some regularity, those are:
An insurer has to renew the policy expects fraud cases, moral injury and distortion.
Insurer can’t force the insured for shifting their policy form one to another, the approval of IRDAI is must.
The prospectus of every policy have to clearly specify all of their terms to the insured person like coverage and estimated premiums, time, benefits etc.
During the renewal period the insured can get the benefits under the policy as before.
No insurer can change or add any kind of policies without the permission of IRDAI and the insured person have to be informed about it at least 3 months ago.