Investing in health insurance is the smartest way to protect you and your family from high medical bills during medical emergencies. However, simply purchasing a policy isn’t enough; you have to be aware of the terms and conditions and ensure that your policy is renewed on time.
This article will discuss the importance of renewal and its process.
Understanding Insurance Policy Renewal
Taking care of your parents is your responsibility, and one effective way to ensure they have access to quality care when needed is by investing in the best health insurance plans for family. Such policies cover the entire family, including the parents, spouses, and children, under a single policy, with one premium for all. However, if you are looking for specialised coverage, you can opt for the best health insurance for senior citizens in India. Remember that insurance policies have a validity period. Regular short-term insurance plans are only valid for a year or less, so you must renew your policy each year, adding to the administrative burden. Long-term insurance plans, on the other hand, have a two to three-year validity period, ensuring consistent protection over a longer period of time.
Now you know which insurance plans you can consider for your parents. Let’s talk about policy renewal.
Insurance renewal refers to the procedure of extending the coverage of a policy for an additional year. This procedure allows you to maintain access to healthcare benefits. Throughout the renewal process, you have the opportunity to assess the policy, enabling you to make modifications, such as incorporating extra benefits or altering deductibles.
Significance of Renewing the Policy
Insurance policies have a specified term, and as this term approaches its end, it is crucial to renew the policy to ensure continued coverage. The best health insurance company in India usually provides a 15-30 day grace period for renewing an insurance policy after it expires. The duration varies according to the insurer.
- Continuous Coverage: The most significant advantage of renewing an insurance policy is continued coverage. A setback in coverage can result in financial burdens, particularly in the event of an unexpected medical emergency. Renewing ensures that you and your parents remain protected.
- Premium Adjustments: Insurance premiums can change annually based on various factors, including your parents’ claims history and the overall market trends. During renewal, you may find options that provide better coverage at a similar or lower cost. It’s an opportunity for you to reassess and potentially lower your expenses.
- Protection Against Inflation: Medical costs are rising day by day due to inflation in the healthcare industry. Renewing your policy ensures that your coverage reflects current healthcare costs, allowing you to avoid significant out-of-pocket expenses in the future.
How to Renew the Insurance Policy?
The best health insurance company in India offers two ways to renew the insurance policy, including:
- Online Method
- Offline Method
Let’s discuss these procedures:
Online Procedure
The online procedure for renewing the policy is simple and convenient. You can refer to the steps outlined below:
Step 1: Visit your insurer’s official website
Step 2: Go to the health insurance renewal section
Step 3: Enter your registered mobile number and the previous policy number
Step 4: Check for any changes in the terms and conditions of the policy
Step 5: Make payment
Offline Procedure
If you are unsure about the online process, you can file for renewal by visiting your insurer’s office. Refer to the following steps:
Step 1: Contact your insurer and get a renewal form
Step 2: Fill out the renewal form carefully and attach the required documents, such as identity verification, residence proof, and previous medical history
Step 3: After submitting the renewal application form, make the payment
Wrapping Up
Renewing is an essential aspect of a health insurance policy that you must keep in mind when purchasing the plan. It not only ensures uninterrupted coverage but also allows you to adjust your policy to meet your parents’ changing health needs. By understanding the renewal process, recognising its benefits, and considering critical factors, you can make informed decisions that safeguard your parents’ health and well-being.
If you’re looking for the best family health insurance and the best health insurance for senior citizens for parents, then consider Niva Bupa. They have more than 10,000 network hospitals providing access to quality healthcare. Niva Bupa offers various insurance plans with extensive coverage.
Choose Niva Bupa and secure your parents’ health.