Tata AIG Health Insurance Renewal Process in India

Tata AIG Insurance Company, a joint venture between the Tata Group and American International Group (AIG) began its operations in 2001 and offers travel insurance, health insurance, motor insurance, etc. With a claim settlement ratio of 96 percent, the company serves millions across the country through its 3,000+ strong cashless hospital network and 24×7 claim assistance services.

The different health insurance policies provided through TATA AIG health insurance are listed below:

• TATA AIG MediCare Policy
• Tata AIG MediCare Plus
• TATA AIG Wellsurance Woman Policy
• TATA AIG Critical Illness Policy
• TATA AIG Corporate Health Insurance Policy
• TATA AIG Arogya Sanjeevani Health Insurance Policy
• TATA AIG Wellsurance Executive Policy
• TATA AIG Wellsurance Family Policy

Tata AIG Health Insurance Policy Renewal Online Process

If you are an existing policyholder and looking for TATA AIG medicare policy renewal online, here are the steps that one needs to follow to renew your policy online.

• Step 1: Visit the official website of TATA AIG General Insurance, tataaig.com
• Step 2: Look for the ‘renewal option’ under the health insurance section on their homepage for tata aig health insurance online payment.
• Step 3: Enter all the necessary details asked on the page along with the necessary details such as date of birth and click on continue.
• Step 4: Opt for the right payment option and click on the make payment button to complete the payment process. After the payment is completed, your TATA AIG renewal health insurance policy shall be renewed and will receive an email with details of the successful renewal.

Tata AIG Mediclaim Policy Renewal Offline Process

TATA AIG health insurance premium payment is also possible through offline mode apart from the online process, wherein the policyholder can visit their nearest branch and make the renewal payment. Alternatively, they may also call the customer service department on the toll-free number on 1800 266 7780 / 1800 22 9966 or email them at customersupport@tataaig.com, who shall help in the offline renewal process. 

What happens to your health insurance policy if you don’t renew it on time? 

You must make the Tata AIG health insurance renewal annually before the renewal date in order to continue using the policy and enjoying the benefits. There are permanent renewals available in health insurance plans so you can enjoy continuous coverage until the end of your life, without worrying about yearly renewals.

You could face the following issues if you fail in Tata AIG health renewal on time:

• Loss of the No-Claim Bonus: If you do not make any claims under your TATA AIG Health Insurance plans you will be awarded a no claim bonus that will be proportionate to the sum insured of the insurance policy. You can accumulate the bonus throughout your policy for each policy year. The policy will end if it isn’t renewed and all the no-claim bonuses will be forfeited because of this, which can be avoided if you pay by the due date.
• Waiting Period won’t Reduce: There is no reduction in the waiting time for pre-existing conditions that are covered by TATA AIG medical insurance. By default, every insurer sets a waiting period for pre-existing illnesses and with each renewal, the waiting period gets reduced. The waiting period doesn’t increase if you fail to renew your policy in time and will only increase by not paying the renewal premium. 
• No Insurance Coverage: You will tend to lose your entire coverage if you do not renew your health insurance on time, which can cause more extreme issues compared to any other things.

Things To Note While Renewing: 

If you are looking for Tata AIG health insurance renewal online or offline, there are certain things that you need to be careful about: 

• Due Date of Payment: It is important to know the due date for renewing an insurance policy. Your policy must be renewed by the due date and if you miss the deadline, there is a grace period of between 30 and 120 days by which you must renew your policy to continue enjoying the benefits. If as a policyholder, you tend to miss the due date, you stand to miss out on all the benefits extended by the policy.
• Cumulative Bonus: A cumulative bonus is earned by the policyholder, each time a policy is renewed without the need to claim during an earlier policy period. You should look for the applicable cumulative bonus as it directly impacts your total coverage value or sum insured and if there is an increase, it shall greatly help your overall protection.
• Increase in the Sum Insured: You should also consider increasing the amount of insurance coverage at the end of the policy year if your living standards have changed or you have more number people on your policy. If you feel that your current coverage is not sufficient, then the time of renewal is the best time to look for an increase of the sum insured.
• Add or Remove Members: If your family is covered by an insurance plan, make sure you determine whether any family members need to be added or deleted from the plan. You can add your dependent parents or baby to your plan if you or your partner is pregnant. Similarly, you may also remove dependent parents or children from the plan at renewal, which will bring down the renewal premium to a great extent.
• Portability: This is the last aspect that should be considered when renewing your health plan. You can switch between insurance companies and opt for a different health insurance policy to get the same benefits as your old insurer. When you renew your policy, it is important to compare the plans available to you and, if necessary, to switch to a better plan.

The Conclusion:

Regular review of your health policy is essential due to changing circumstances. You need to make sure that the insurance policy you choose can cover future medical expenses, given the rising cost of Indian medical treatment. Therefore, it makes a lot of sense to make sure you are ready to decide before your insurance policy expires whether you want to continue your health plan with the same insurer or switch to another policy with more benefits.