When renewing your health insurance policy, you must do so as soon as possible before the deadline. You can also add people to your insurance policy during the renewal process. Keep an eye out for modifications in policy wording as well.
Below-mentioned are steps to consider while renewing your policy:
- Renew Your Policy on Time
In most cases, insurance companies give you a 15 to a 30-day grace period before cancelling your health insurance policy if you stop paying your premiums. According to regulations, health insurers are not liable for any payments covered by the plan during the lapse period. If policy lapses, policyholders may lose out on advantages such as critical sickness coverage and tax deductions.
- Adding Members to the Policy
If the policyholder desires to add extra family members to the policy after a specific term, they can do so at the time of renewal. Policyholders can also remove names from coverage and change the existing terms upon renewal.
- Option to Increase the Sum Assured
Individuals can request a higher sum assured on their health insurance coverage at the time of renewal. Most businesses set restrictions and conditions to increase the insured sum, including medical examinations and claim-free history. One must be aware of the waiting periods if one wishes to seek an increase in the sum insured.
- Check for Changes in Policy Terms
Any modifications to the policy’s terms and conditions must be communicated to the policyholder three months beforehand, and the regulator must approve the changes. If the policyholder disagrees with the new requirements, they may opt for another insurance equivalent to the present one’s initial terms.
- Documents to be Carried at the Day of Renewal
Suppose the policyholder desires to hold their policy with the identical branch of the company. In that case, they must carry the policy renewal notice with them and check it at the time of renewal. However, if the insured wishes to change branches, they must show the following documentation:
Last year’s policy
Policy renewal notice
Proposal form
Photographs
A cheque for the proposed amount
Mandate letter
- Disclose New Medical Conditions
Since medical insurance is a yearly contract, the conditions might be changed based on health changes that occur over the year. As a result, policyholders should notify the insurer of any newly developed health issues during the preceding term. The health insurance cannot impose new requirements under IRDA laws, but it can request papers to back up the policyholder’s declaration.
- Always Keep the Receipt Safe
Inform your closest family member about the policy modifications you’ve made, and store the receipt in a secure place. It is necessary since they must be fully informed of the policy’s terms at the time of the claim. Make sure they know about cashless identity cards or other relevant paperwork for filing claims.
