Want to renew health insurance online? Here is a detailed guide for you

Samir (28 years) lives in Bengaluru with his wife and aged parents. Being a meticulous person, Samir purchased a comprehensive health insurance policy last year for his family to add a layer of protection and financial security amidst the COVID-19 pandemic. However, this year Samir needs to go for health insurance renewal to enjoy the continuity of features and benefits of the policy.

The popularity of health insurance policies has increased manifolds during this COVID-19 pandemic. Like Samir, many customers purchased comprehensive health insurance policies to insure their family members with total care. Now, all of them need to go for health policy renewal to enjoy the continuity and benefits of their policies. Most leading insurance companies are offering their policyholders health insurance renewal online so that they can avail of the benefits of their policies during this lethal pandemic. Renewing health insurance online is a facile process. This online renewal process not only saves your time and energy but also offers flexible premium payment options so that you can comfortably pay online at your convenience.

What is the process of online health insurance renewal?

• First, you need to visit the website of the insurance company.
• Then, fill up all mandatory details like policy number, expiry date, etc.
• Using your net banking/ debit card/ credit card, pay the premium amount
• After the completion of your payment, you will get a digitally signed copy. Now, print the document and keep it for future reference.
• By typing your username and password, you can check the details related to your health insurance policy.

8 Things to remember while renewing your health insurance policy

1. Timeline of your policy: To avoid discontinuation, always renew your policy on time. Most insurers usually send a renewal notice for your health insurance so that you don’t miss renewing it. But some may not, so you must remember when you need to renew your policy before it expires. The grace period for renewal of health insurance is 15 days to 30 days before your policy lapse. According to IRDAI regulations, you are not eligible for any coverage in this lapse period. As a policyholder, you may also miss out on other benefits like critical coverage, non-claim bonus, tax exemption, etc., during this lapse period. So, to avoid these penalties, renew your policy on time.
2. Addition/deletion of family members to the policy: You may add more family members to the policy at the time of renewal. If you want, you can add your parents to your existing floater plan that covers you, your spouse, and your children. Simultaneously, you can delete the name of a family member if he/she dies during the renewal period.
3. Change/alter the policyholder: You can also change/alter the policyholder’s name during renewal. You can easily take the policy in your parents’ name and become eligible for tax exemption under section 80D.
4. Enhance the sum assured amount: If you feel that the current sum assured amount can’t meet your insurance requirements, you can enhance the sum assured amount during the renewal process. The insurance companies can ask for your pre-medical test before approving the new sum assured amount, and there should be no claim history. For the enhanced amount, you need to apply for the waiting period fresh.
5. Discover and use top-up plans: Your sum assured amount is often equal to the maximum allocated coverage under the policy. In this scenario, you can’t enhance the sum assured. But you can unravel and use the top-up plan from the same insurance company or another one for greater coverage during the renewal process.
6. Closely monitor the changes in terms and conditions of the policy: According to the rules of IRDAI, the insurance company should take the approval if there are any changes in the policy’s terms and conditions. They also need to inform the policyholders about the changes at least three months before the renewal period. Suppose the policyholder doesn’t agree with the terms and conditions. In that case, he/she can migrate to another plan of the same company, or they can port their plans to any other insurance company.
7. Disclose any change in medical condition: Since a health insurance policy is an annual contract thus, a fresh contract is prepared at the time of renewal with the same terms and conditions if there are no significant changes in terms and conditions. However, your health may change during this one year. So, you should inform your insurer about the changes in medical conditions to avoid the rejection of the claim.
8. Always keep the receipt safely: After the completion of the renewal process, inform your family members and keep the receipt safely. This is imperative because all family members should be aware of the status of the policy during the time of claim. Also, inform them about the cashless identification cards and other documents they need for the claim settlement process.

Some additional information that you should be aware of during the renewal process

• If you want to continue your policy with the same branch, you just bring the renewal notice and cheque. But suppose you want to shift to another branch of the insurance company. In that case, you need to carry the last year’s policy, renewal notice, proposal form, photographs, cheque, and mandate letter.
• If you want to shift to another insurer, you must inform your existing company 45 days in advance.
• If you are planning to migrate, then also you will be eligible for the same benefits of the policy.
• If there is no claim in a year, then you may get a no-claim bonus at the end of the year.
• If the insurer rejects your renewal application, you have full right to ask for an explanation from the company.

Renewal information of Top 5 Health Insurance Companies

• Star Health Insurance Renewal (Policy renewability: lifetime, claim settled within 2 hours: 90%)
• HDFC ERGO Health Insurance Renewal (this policy welcomes you with health insurance renewal offers like an additional 10% to 25% sum insured (maximum 200%) based on the plan at the time of renewal)
• Apollo Munich Health Insurance Renewal (Policy renewability: lifetime, claim settled ratio: 90%)
• Religare Health Insurance Renewal (Policy renewability: lifetime, claim settled ratio: 90%)
• Aditya Birla Health Insurance Renewal (Policy renewability: lifetime, claim settlement ratio: 78.67%)

Health insurance policies are a prerequisite for every family, especially during this COVID-19 pandemic period. To stay protected amidst this pandemic, renew your policy on time and enjoy the benefits.