Just as we keep our focus on picking the right health insurance policy offering wider cover with a plethora of benefits. Similarly, we need to focus on the things to be done on or before the renewal of the policy to avoid anticipated losses. Most of the people tend to be in the impression that the agent or insurer will remind them about the renewal of their health insurance policy. Some insurers do intimate but not all of them. So, why to depend on your health insurer for renewal intimation when you can keep a reminder of the renewal date on your mobile phone and office outlook? Failing to renew the health insurance policy on time could deny you the 'continuation benefit' and compel you to start afresh with a new insurer. We, in this article, will highlight the homework that you need to do prior to the renewal of your health insurance policy.
Policy Renewal Date
You must set a reminder on your mobile, outlook or other devices regarding the renewal of your health insurance policy as said earlier in the article. Check whether your health insurer offers the service of reminding the customers as the renewal date of the policy approaches nearer.
The next thing to consider is the No-claim bonus (NCB). This means if you do not claim in a particular year, then you will get the discounts on your health insurance premium or an increase in the sum insured amount. You can avail a 5% discount on your premium and enjoy 5% rise in the sum insured amount if you do not claim in the first year. Your insurer would be offering either of the two benefits.
Change insurer without losing existing covers
Not satisfied with the existing health insurance company? Want to switch to a new insurer, but fear of losing the continuation benefit? In this case, you have to submit the necessary documents required by the new insurer. In the past, there was a waiting period clause of 1-4 years for the cover of pre-existing diseases/conditions by the new insurer. But now with the easy portability of health insurance being brought into the market by the Insurance Regulatory Development Authority of India (IRDAI), the insurance watchdog, you can easily switch to a new health insurer keeping intact the benefits that you had with the earlier company.
Change of agent/broker
Suppose your experience with a health insurer has remained good and you want to continue with it. But you want the agent or broker to be changed, then you must give an explanation justifying your need to change the agent or broker. You need to give the explanation in the mandate letter to your health insurer. In this way, you can be deemed fit to receive the benefit of ongoing covers for hospitalization expenses and others.
Entry/removal of a family member from the policy
Depending on your experience with the health insurer, you may be tempted to include few more family members or remove some from your policy. So, you must get ready with the names of the members that you want to add/remove on the renewal date of your health insurance policy. For instance- Suppose you have bought an individual health insurance policy for yourself and your spouse and want to include your son, you can do the same on the renewal date of the policy.
Documents to be submitted
On the date of policy renewal, you are required to submit a list of documents that are mentioned below.
• Copy of your last year policy
• Policy renewal notice
• A filled proposal form
• Cheque of premium amount
• Mandate Letter
What to do while renewing health insurance online?
You can also renew your health insurance online as it is a convenient and fast medium to do so. Pay attention to the below mentioned steps and get the renewal done easily.
• Fill the details of your previous health insurance policy, such as policy number, expiry date and others.
• Make premium payment online through net banking, credit card or debit card whatever you feel comfortable to do so.
• The insurance company will issue online a digitally signed copy of the policy moment the payment gets authorized. You can take a print out of the form and keep it with yourself.
• While renewing your health insurance online, you are given a user name and password to check the relevant details of your policy on the website of the insurer.
Now that you have got the necessary details on the renewal of health insurance policy, make sure you put that into practice and reap the benefits. Do read the terms and conditions, if any, related to the renewal of your health insurance policy to be in the right stead.