Health Insurance Policy Renewal - How to renew Policy?

Most Health Insurance Policies are valid for 1 year and Policyholders must renew their Policy every year by paying the Insurance Premium. The Policyholder can enhance or reduce their Policy Sum Insured upon renewal, or port to another Health Insurance Policy as well.

What are the Benefits of Renewing a Health Insurance Policy?

Continuous Coverage

The primary purpose of renewing a Health Insurance Policy is to ensure that the Policyholder has financial protection against unexpected medical expenses. If the Policyholder fails to renew the Health Insurance Policy on time, it will lapse, leaving him without any insurance coverage.

Waiting Periods

Health Insurance Policies typically have various waiting periods, such as:

1. Initial waiting period (30 days)
2. Pre-Existing Disease waiting period (2-4 years)
3. Specific illness/treatment waiting period (2-4 years) When the Policyholder renews his Health Insurance Policy on time, the Waiting Period reduces ensuring that he doesn’t have to serve these Waiting Periods again. However, if the Insurance Policy lapses due to non-renewal, the Waiting Periods are reset and the Policyholder has to serve the Waiting Period once more.

No-Claim Bonus

No Claim Bonus in a Health Insurance Policy is an increase in the Sum Insured of the Health Insurance Policy granted by the Insurance Company for every Claim Free Year under the Policy without an associated increase in Premium. Thus, for every Claim-Free Year under the Policy, the Sum Insured of the Health Insurance Policy increases by a pre-specified percentage. However, if the Policy is not renewed and lapses, the No Claim Bonus is also withdrawn.

Tax Benefits

The premiums you pay for your health insurance policy are eligible for tax deductions under Section 80D of the Income Tax Act. To continue availing these tax benefits, you must renew your policy on time, every year.

How to Renew Health Insurance Policy at Qian.co.in?

Here are the steps to renew a Health Insurance Policy with Qian Insurance Broking.

1. Contact Qian: Call the Health Insurance executive at Qian before the Policy expires to notify them about Policy Renewal. You can email them at insurance@qian.co.in or call us on 022-35134695
2. Submit Required Documents: The Policyholder has to submit documents like Identity Proof, Address Proof, and previous Policy details.
3. Review Policy Details: The Policyholder can make the Premium Payment after reviewing Policy Information like Coverage, Sum Insured, and Premium. The Policyholder can also make changes to Policy Terms such as increasing the Sum Insured or adding new family members on Renewal.

Should I Renew Health Insurance Policy Online or Offline?

The Policyholder can renew the Health Insurance Policy either online or offline:

1. Online Renewal: Visit the Insurance Company’s website, navigate to the Health Insurance Renewal section, and enter Policy Details. Make the premium payment online using a credit/debit card or net banking. Once the Premium payment is successful, the Policyholder is issued a digitally signed copy of the Policy.
2. Offline Renewal: Contact Qian and request a Policy renewal form. Fill out the form, attach the required documents, and submit it along with the premium payment (by cheque, demand draft, or Online Payment).

What happens if the Policyholder fails to renew the Health Insurance Policy?

All Health Insurance Companies offer a Grace Period of 15 to 30 days after the renewal date. The Policyholder can renew the Policy without losing any accrued benefits such as Waiting Period or No-Claim Bonuses during the Grace Period. If the Policyholder fails to renew the policy before the Grace Period, the Health Insurance Policy lapses and all the premiums paid for previous year go to waste. If the Health Insurance Policy has lapsed, the Policyholder must apply for a new Health Insurance Policy. This involves a fresh underwriting process, including medical examinations and fresh Waiting Period. Thus, it is very important to renew a Health Insurance Policy on a timely basis.

Things to Remember When Renewing a Health Insurance Policy

Review Sum Insured: One of the most important things to do when renewing a Health Insurance Policy is to renew the Policy Sum Insured and check whether it is adequate or not. If the Sum Insured is inadequate, the Policyholder should opt for an increase in Sum Insured by paying an additional premium.

Changes in Policy Terms The Policyholder should carefully review the Health Insurance Renewal Notice from the Insurance Company to check for changes in the following terms and conditions at the time of renewal:

1. Co-Payment: Some Health Insurance policies have a Co-Payment Clause, where the Policyholder has to bear a certain percentage of the Claim Amount. The Co-Payment terms should be reviewed during renewal.
2. No-Claim Bonus: Many policies offer a No-Claim Bonus for Claim-Free Years, which increases the sum insured. Check if the renewed Policy is incorporating the No-Claim Bonus correctly upon renewal
3. Waiting Periods: All Health Insurance Policies have a Waiting Period for Pre-Exisiting diseases. Check if the renewed Policy has reduced the Waiting Period for Pre-Exisiting diseases upon renewal.

Porting the Health Insurance Policy

If the Policyholder is not satisfied with the Policy Features or Claims Process, he can opt to switch his Health Insurance Company at the time of Policy Renewal. Policyholders can use the Health Insurance Portability feature to transfer his Health Insurance Policy to a new Plan that offers better coverage and features without losing accrued benefits, such as Waiting Periods and No-Claim Bonus from the Previous Policy.

Compare and Get the Best Health Insurance Plans with Qian!

Qian Insurance Broking LLP is a leading Insurance Broker in India with tie-ups with leading Insurance Companies so that you can choose from a range of Health Insurance Policies depending on your budget and requirements. We will assist you with selecting the right Health Insurance Policy as well as for your Health Insurance Claim. Get the Best Quote for Health Insurance Policies with Qian. You can get in touch with us via email at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you