Renewing your Health Insurance Policy is just as important as buying it. In order to safeguard your insurance cover, it is crucial that you renew your health insurance policy, as failing to do so might result in termination of your benefits and provisions. If you somehow forget to renew your health insurance on time, it can lead to several complexities. For instance, you could lose accumulated benefits such as no claim bonus or waiting period benefits and will again have to purchase the health insurance policy upon renewal lapse.
While you renew your health insurance policy, take a look at the mistakes you should avoid while renewing the policy.
Not evaluating the existing policy:
It's very crucial that you evaluate your current policy and keep in mind any shortcomings. You may find another plan that offers you extra benefits and is more suitable for your current situation. Nowadays, it is easier to switch to another policy using the portability option without compromising your progressive benefits. While renewing your policy, try to look for any useful add-ons the insurer can offer, such as zone upgrade or outpatient department (OPD) or a daily cash benefit.
Not disclosing new health conditions:
In case any new health condition arises at the time of the policy renewal, it is necessary to disclose the same to the insurer.
Failure to do so might result in getting rejected in the claim process by the insurance company. To ensure smooth processing of the renewal process and claim processing, the policy taker should disclose any new health condition.
Missing the grace period:
It is essential to renew the policy during the grace period in order to avail the cumulative bonus and No claim bonus if you have not placed any claim during the policy year. However, you'll not be eligible to get such benefits if you don't renew the policy within 30 days of the date for renewal. You may keep track of the due date of the renewal to avoid the mistake of missing the renewal date and grace period.
Not changing the cover:
The emergency of COVID-19 made a lasting impact on healthcare facilities, after that, steps were taken to subjugate the adverse effects with reform in treatments and patient care, and as a result, the cost of healthcare has increased. Hence your existing health insurance coverage may not be adequate to cover the cost of your claim. Thus, one should evaluate their current health insurance policy and try to increase the sum insured at the time of renewal. You can increase the cover by enhancing the sum insured while renewing the insurance plan to make sure it suits your future needs. Avoid the mistake of not evaluating your existing policy and grasping your need for a better cover while renewing your health insurance policy.
Hence, it is not sufficient to merely buy the health insurance policy, but its timely renewal is equally vital. While renewing your health insurance policy, keep in mind to avoid the above mistakes.
If you are looking to secure your future against inadvertent health crises, click here to buy or renew your existing health insurance and have a comprehensive cover for both you and your family against various life-threatening illnesses. Choose from a diverse selection of health care plans by Kotak General Insurance.
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.