Renewing Health Insurance:
Most of the leading health insurers provide online renewal facility. Renewing online not only saves your time but also gives you flexible payment options.
While renewing your policy, you can stay with your own insurance company or switch to another insurer. When you switch over to another insurer, you don’t have to wear the waiting periods all over again. This feature is termed as ‘insurance portability’ and is mandatory for all the insurance companies as per IRDA guideline.
How to Renew Health Insurance Policy Online?
Health insurance online renewal is a fast and simple process that takes just a matter of minutes to complete. All you need to do is follow these 4 simple steps –
- Provide the basic details of your previous policy such as policy number and expiry date. Fill in other required details.
- Make the payment via debit card/ credit card/ net banking.
- Once your payment is authorized, you are issued a digitally signed copy of the policy. The policy document can be printed anytime and retained in paper form.
- When you renew online, you are provided a username and password so that you can check the details, relevant to your policy, online on the insurer’s website.
Essential Things to Remember While Renewing Health Insurance Policy
It is very important that you renew your policy before expiry. Your insurance company will probably send you a renewal notice but they are not obliged to do so. It is your responsibility to renew your policy on time. It should ideally be renewed within 15 days before the expiry date. However, renewals can be made up to 15 days of grace period from the expiry date. If you let your policy be lapsed, you will end up losing the hard earned waiting period benefits and no claim bonus, on the subsequent policy.