There can be no mistake in anyone’s mind about the significance of purchasing health insurance for oneself and one’s loved ones. The majority of Indians now have health insurance due to the COVID-19’s heightened risk of hospitalisation, major illnesses, and soaring medical costs.
The covered member’s medical expenses will be covered by a health insurance policy throughout the policy year. These medical expenses could also include the price of daycare care, in-home hospitalisation, pre- and post-hospitalization, etc., depending on the type of health insurance chosen.
Creating a big enough financial cushion to protect the future is part of evaluating potential hazards. However, it is crucial for you to obtain timely renewal for your health plan.
Through timely health insurance renewal, you make sure that all of your benefits are still in effect. Using the website of the insurer or any of the online insurance marketplaces, you can renew your health insurance policy online. The reasons why it’s important to renew your health insurance are listed below.
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1. No protection
Your coverage will expire if you don’t renew your health insurance by the due date. This implies that any claim made during that time will be outright rejected by the insurer, and you will be responsible for paying the medical bills out of your own money. You won’t be able to submit a claim during this period or until your coverage is renewed, even though every insurer provides a grace period to reinstate an expired insurance policy.
Additionally, if you don’t renew your insurance during the grace period, it will expire, leaving you with no choice but to buy new health insurance, which will reduce the health insurance benefits your current policies. You shouldn’t take the chance of becoming uninsured either because you never know when you’ll need a health plan, especially with the increased risk of serious illnesses and the skyrocketing price of medical care.
2. Cumulative bonus
Another important advantage that you can lose if you don’t renew your health insurance coverage by the deadline is your cumulative bonus. It’s not necessarily required to submit a claim each year if you have health insurance coverage. For each year you don’t make a claim, the insurer will give you a cumulative bonus. *
Additionally, the incentive could be in the form of a lower renewal premium for your existing health insurance policy or a bigger sum covered on it. A cumulative bonus benefit is only available if you renew your insurance within the allotted time frame. Your cumulative bonus health insurance benefits will expire if you don’t renew your policy before the deadline.
3. Medical examinations
Another drawback is that you might need to get a thorough medical checkup before being insured by your health insurance company. You might not need a medical checkup every time if you continuously renewing your insurance. Check your health insurance app for details. Before issuing a new policy, your insurer might want to reassess your health conditions if your coverage has expired. This procedure might make the purchase take longer.
4. Prolonged waiting time
You have to wait a specific period of time after purchasing a new health insurance coverage before making a claim. There is no waiting period for hospitalisation connected to accidents, but there is a 30-day initial waiting period for illnesses. Check your health insurance app for details.
Now, the waiting time you completed will be lost if you do not renew your policy and let it lapse because you will need to get new health insurance coverage. This is because a policy that has expired cannot be renewed; you may want to buy a new insurance instead at bajaj health insurance app.
* Standard T&C Apply
** India currently has both a new and an old tax system. After contacting an expert, select the appropriate one to receive the desired tax benefit. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## According to the IRDAI-approved insurance plan, the insurer offers all discounts. Usual T&C are in effect.
The emphasis of the solicitation is on insurance. Please carefully read the sales prospectus wording for more details on the benefits, restrictions, limits, terms, and conditions before making a purchase.