Not Renewed Health Insurance on Time? Be Ready to Pay More and Get Less

Health Insurances 310 views

It is always a delight to buy the right health insurance policy and enjoy the cover for pre-and post-hospitalization expenses incurred on the treatment of diseases if and when they keep you under their grip. But your job does not end with buying the insurance policy alone. You need to monitor the payment of premiums, know the processes for filing the claims and doing many more things during the entire term of your policy. While buying the policy, you get details such as issuance date of the policy, premium to be paid, renewal date and others. Everyone seems to have a hawk eye on the premium part but they fail to realize the importance of renewal of the policy or rather say the gravity in the absence of renewal. Make sure you renew your health insurance policy on time and avoid facing repercussions that result from failing to do the same. We, in this article, will let you aware of the problems that you may have to encounter if you do not renew your health insurance policy on time.

Possible Losses

Insurance Premium to Rise

If you allowed your existing health insurance policy to lapse and choose a new policy, then brace up to pay more from your pocket as the premium will rise in the new policy.

No Cover for Pre-existing Diseases

Another big disadvantage of not renewing the health insurance policy on time is that you will not get the cover for pre-existing diseases in the new policy. It is quite possible that you make claim in your existing policy for such diseases well after the expiry of waiting period. But since the policy is lapsed and you have taken a fresh policy, you will not get the cover for pre-existing diseases. If you do not make a claim for pre-existing disease , then you will get the cover for the same after 2-4 claim free years. But the catch is that you must renew the policy on time each year to get the cover. If you see a health problem that will not bother you much financially, so you can avoid making claim on it and thus enjoy the benefit of no claim bonus (NCB), which adds about 10% cover in your health insurance policy on renewal. NCB can go up to 50% on five successive claim free year.

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Lifeline

You can cast your mind to the lifeline that the participants of Kaun Banega Crorepati (KBC), a popular TV show hosted by Bollywood Superstars Amitabh Bachchan and Shahrukh Khan, were using while getting stuck in anwering the question asked to them. Similarly, you also have a lifeline if you miss out on renewing your health insurance policy on time. And that is the grace period of 7 days post the expiry of the policy. Failing to pay the renewal premium even by the 7th day means your policy will be treated as lapsed.

How to Renew your Health Insurance Policy?

You can go online or stay offline to renew your health insurance policy. With the growing use of Internet, I suppose most of you would be interested towards the online mode of health insurance renewal, right! You just have to follow few simple steps, which are mentioned below.

  • Show the basic details like policy number, expiry date of the previous poilcy and fill in other necessary details.
  • You can make the payment through credit card or debit card or net banking for renewal.
  • A digitally signed copy of the policy will be issued to you post the authorization of your payment.
  • While renewing online, you will receive a username and password. With the help of these, you can check online the relevant details of your policy on the website of health insurance company.

If you are offline and want to renew your health insurance policy, then you should contact the customer care center of your insurer and let them know the same. The customer care executive will then arrange an agent, who will come to take the renewal payment from you, post successful verification of your details.You can set renewal reminders of your health insurance policy on your mobile as well as do the same online.

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