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Blog > Health Insurance > Renewing Health Insurance policy? Points to Consider

Renewing Health Insurance policy

What are the services that you keep recharging regularly for immediate benefits? Of course, there are many of them that you need to keep going with the on-going lifestyle. To avail the seamless service of the phone calls, electricity, gas, water, Wi-Fi; you need to recharge or pay the bills on or before the due date. The same applies to a health insurance policy.  

The importance of health insurance policy renewal 

The renewal of health insurance policy is important, it may not provide you instant gratification but for the long term, it's your strengthening pillar. The timely renewal of your policy helps you to keep all the benefits intact without lapsing on any of the provisions. 
Insurance services that you enrol, such as a car, bike, health, or life insurance, all need to be renewed on or before the due date. Each policyholder has to pay the premium before the end of the term to be able to continue the service further. Once you do not pay the premium even after the grace period, you won’t be entitled under the policy risk coverage. Hence, it is better to renew the insurance premium at an appropriate time.  

How is the premium calculated for the renewal of the policy?

The premium renewal of the policy is calculated on the bases of these factors:  
  Age of the policyholder
  No. of members enrolled
  Sum insured
  Total coverage

Update your health conditions at renewal time

You must update your health conditions at health insurance renewal time to avail of the relevant advantages in the future. Consider the below points before updating your health conditions- 
If the policy holders have not claimed in the previous tenure, then they are eligible to get the cumulative bonus reward as well. Other factors add to the calculation of premiums such as geography (location) and a history of illness.
If a person is based in tier I town, then they might have to pay a higher premium in comparison to those based in tier II, III towns. As medical cost in tier I is higher, just like accommodation rentals, as per the location. 
If a person has a history of illness or comes from a family that has a history of illness like diabetes which is usually hereditary, he might have to pay a higher premium for their coverage as their chances of illness are more. And medical costs are expected to be higher.

Importance of Renewal of health benefits on time:

It is always recommended that one must be prepared at the earliest with all the safety measures before getting attacked. Similarly, it is suggested that one should get their health insurance renewal 10/15 days before the due day.
A policy holder gets a 45 days prior reminder from the service provider about the premium date. Along with it, they also receive details about their policy such as the plan enrolled, the sum assured, and the number of members and current status of their policy. 
 If you have missed the due date there is nothing to worry about!!!
Service providers also give a grace period of 15 days or a month with gentle reminders of calls, mail, and messages to the policy holders for renewal. In case someone travelling or is outstation, they do receive extension.  

Before renewal, Review!

Consider your plans in life and what stage of life you are in, re-evaluate if your current policy, is it sufficient enough?
It is good to review your policy yearly while getting it renewed. A 15 days prior payment is suggested so that it gives the policy holder ample time to review their policy. 
 There are a few things that you should check when you review your policy 
  Introduction of any new schemes which can be valuable for you and your family members. 
  You want to include or exclude any services or members of the family to your plan
  Through the reading of provision added by the insurance company as per the government regulation 
  If any discount is introduced on the mode of payment or by any card etc. 
Usually, there are new offers or advances with a fresh tenure which policy holders can avail. Reviewing your policy and comparing the existing benefits with other insurers can bring you better options. And you can seek the advantage of insurance portability instead of paying the health insurance premium to the same insurance service provider. 

To reap best results:

If a person has got their policy renewed for 2 consecutive years and has not used it yet. Please do not think it is useless to renew it again.
  It is good that you and your family members are healthy and fit, but who knows the future
  If you do not renew your policy you cannot claim for the consolidated amount 
  You cannot claim for NCB if your policy is not renewed
  If your policy lapses and it is getting renewed post the grace period, the policy holders will have to wait for approx. a month to avail the services 
  Also on post grace period renewal, the service provider can ask for a medical test as well.
Know more about our Bestselling Health Insurance Plans – Optima Restore for Family

How can you get your renewal done?

The renewal of Insurance policies can be done both online and offline as well.
You can visit the website and fill in your details. As per the details health insurance premium will be calculated and then you can make the payment through debit/credit card, net baking, or UPI. If someone is doing it for the first time, they can also call on a toll-free number to seek assistance for the same. The steps are quite simple and easy; it can be done in not more than 10 / 15 minutes.
 In a nutshell: 
The best way to get reminded about the due date is to mark it on your phone calendar just like your anniversaries and birthday. In case you forget, your insurance providers won’t. They will keep reminding you. 
HDFC ERGO Health brings you a seamless process to get your policy renewed by sitting in your comfort zone. Along with 24X7 assistance for any of your queries, we are with you in your good times and bad too.

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