Importance of Lifetime Renewability in Health Insurance
Read why Lifetime Health Insurance in important in India
Health insurance plans are a necessity at each stage of life. Uncertainties can strike at any point, or even a minor illness can amplify into a bigger problem with time. In any situation as such, you must have a health insurance plan to back you up financially as well as medically.
With increased awareness of health insurance and new reforms, it is now more affordable than ever. Hence, it is easily possible for an individual to have a health insurance policy for their entire lifetime. And why not? After all, with age, health complications may arise, and at that time, no matter how old you are, you can always rely on your health insurance. But to avail of that benefit, you must opt for lifetime renewability.
What is lifetime renewability health insurance?
Lifetime renewability is an option offered by insurance companies that allow individuals to keep renewing their insurance policies for their entire life. This feature of health insurance is not limited by the age bar. Hence, it is extremely beneficial for elderly or retired individuals.
Given the increase in healthcare needs due to the pandemic, it only proves how important it is to stay prepared to tackle unprecedented medical conditions at any given point in time. Hence, it becomes more and more crucial to get a lifetime renewable health insurance policy.
Is it mandatory to get lifetime renewability of health insurance?
As per the guidelines given by IRDAI, it is mandatory for insurers to offer the option of renewability to their customers. Furthermore, it is your choice as a policyholder if you want to get that feature. You have the right to keep renewing your policy throughout your life. However, if you fail to renew your policy and yet file a claim, you might not be eligible to receive the benefits. Hence, it is important that to reap the benefits of this feature, you renew your policy on time, each year.
Why should you get lifetime renewability on your health insurance?
No age boundary
The maximum entry age for buying a health insurance policy is 65 years. But there is no such age restriction when it comes to renewing your policy. Hence, if you buy your health insurance policy at any time before you turn 65 years old, you are eligible to keep renewing it throughout your life. Similarly, if you buy health insurance for your parents, they too are eligible to get it renewed for the rest of their lives.
When you keep renewing your policy throughout your life, you are eligible to seek all the benefits of your health insurance policy. You will always be financially secure in the case of medical emergencies or even daily health care. With age, you become more susceptible to illnesses. As a result, rather than being concerned about being able to cover the costs, you should simply choose lifetime renewability on your health insurance plan.
Manageable premium cost
The later you buy a health insurance policy in your life, the higher the premium rates. Since elderly individuals are at a higher risk of facing medical issues, the insurance companies charge higher premium rates. But this can be avoided if you buy it at an early age and just keep renewing it each year. You can get your insurance policy at affordable premium rates.
In today’s day and age, it is easy to buy health insurance online. This gives you a chance to explore your options and find the company that offers you the most benefits. Even though every health insurance company offers a lifetime renewability option, there are many other factors that you must check. Comparing health insurance online not only gives you clarity about your needs, but it also helps you choose the best healthcare for you and your life.
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Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.