Time to renew your health insurance? Here are 5 tips to consider – The Financial Express

Posted: May 6, 2022 at 1:02 am

Getting a health insurance policy for the safety of your family is a sensible step taken in the right direction. However, you must also be aware that for your policy to give you continuous coverage and remain valid, you need to renew it before the expiry of the policy.

Rakesh Jain, CEO, of Reliance General Insurance, says, With online facility provided by most of the insurers, the entire process of renewal has become quick and convenient.

Here are 5 things you should consider when renewing your health insurance;

Renew your policy timely

Renew your policy before the expiry of the existing policy. In any circumstances, if you have missed it, do remember that usually there is a 30-day grace period in which if you renew your policy you do not lose your continuity benefit. However, for this period, which is the policy end date to the renewal date, you and your family will be uncovered.

Jain explains, Lapse of the existing policy is risky, especially for those with pre-existing medical conditions. Even though insurers send renewal reminders of the due date, the policyholder still has to ensure that the policy is renewed before the due date.

Option to increase the sum insured

As the medical cost rises every year, you can always assess the sum insured you require before renewing your policy. And if need be, you can increase the sum insured amount at the time of policy renewal. Moreover, according to industry experts, you can also enhance the coverage by adding a top-up or super top-up plan with your base policy.

Add a family member/members

There is an option to add a new family member to your existing policy at the time of renewal. One can add ones parents, spouse or children under the health insurance protection, and can always opt for it before renewing, subject to it is on the individual cover, says Jain.

You are also eligible to get taxation benefits by adding family members aged 60 or above.

Consider the option of portability

This usually is ideal if you are not satisfied with the current policy. If you are not satisfied with the services of your current insurer or looking at considering more features in your policy but not available in the existing policy, then you can always port your health insurance policy at the time of renewal.

Consider the ease of a mobile application

Jain points out, Mobile applications have brought ease, speed, and transparency to insurance claim processes and settlements. Hence, it will be wise to check if ones present insurer has a user-friendly app for quicker and transparent claim settlement.

Having said that, keep in mind that click and uploading documents for claim intimation, real-time claim status tracking, accessing all policy-related information and one-click renewal of your existing policy are important features the app should have.

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Time to renew your health insurance? Here are 5 tips to consider - The Financial Express

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