Ready To Get Started?
Reach Out & Give Us A Call. We're Here To Help.
1800102111
Need Support?
Have Queries About Your Current Product? Please Write Us An Email & We'll Sort it Out.
customer.care@sbigeneral.in
How to Renew a Health Insurance Policy?
Health insurance policies serve as an umbrella for unforeseen medical expenses, but it is crucial to note that the coverage has a validity period, which is typically set at either one, two, or three years. If you do not renew your insurance policy within this window, you risk losing your protection. This means not only suffering unexpected medical bills without coverage, but also missing the benefits that were earned, such as waiting period benefits. On this page, let's see how to renew a health insurance policy online or offline, the benefits and key factors to consider when renewing an insurance policy.
Steps to Renew Medical Insurance PolicyThe renewal of health insurance coverage is a simple process that may be completed online or offline.
Health Insurance Renewal Online ProcessThe online process is a simple and convenient option to renew your health insurance policy. Follow the following steps:
- Visit your insurance provider’s official website.
- Go to the website's health insurance renewal section.
- Enter the registered mobile number and the previous policy number of your insurance policy.
- Review the policy's details and the renewal premium.
- Make your payment using Internet banking, UPI, or a debit or credit card.
If you wish to know how to renew your health insurance plan offline, follow the steps outlined below:
- Contact your insurer well ahead of the policy's expiration date to let them know your intention of renewing offline.
- Contact the insurance company or the nearest branch office to get a renewal form.
- Carefully fill out the renewal form, including any documents required, such as identity verification, residence proof, and previous medical history.
- After completing the renewal application form, continue to pay the payment. Payment options include cheques, demand drafts, and cash.
- Submit the completed renewal form and payment to the insurance provider's office or collection centre. You can also send them by post.
Now that you've understood how to renew health insurance coverage, let's look at the benefits of timely renewal.
- Continued Coverage
Timely renewal of your health insurance policy ensures continuous access to the healthcare benefits covered by your policy, shielding you against potential financial strain during health emergencies. Because if your coverage expires, your insurer will not cover your medical expenditures, and you can lose the no-claim bonus. Even if you are no longer eligible for new insurance, renewing before the expiration date is critical to maintaining medical coverage.
- Avoiding Higher Costs
The renewal of your health insurance before it has expired allows you to avoid higher premiums. Letting your coverage lapse may result in higher costs.
- Tax Savings
Renewing your policy can provide tax benefits under the provisions of section 80D of the Income Tax Act of 1961.
- Balancing Age-Related Costs
Obtaining health insurance at an early age can often result in reduced premiums. Letting your current insurance plan lapse may result in getting a new one at an increased expense, making it a more expensive component of life.
- Compounded Bonus
Some insurance companies provide cumulative bonus benefits when you renew your coverage without a gap. This bonus may result in a decrease in your premiums, an increased base sum insured, and more in the coming years.
Remember the following important factors while renewing your policy:
- Pay Before Your Due Date
To avoid a lapse in coverage, renew your policy before it becomes invalid. Some insurance has a 15–30-day grace period, although renewing well in advance of the deadline is recommended.
- Evaluate Your Coverage
Take this time to look at your present insurance benefits and determine whether any changes are necessary to meet your changing needs. To ensure full protection, you may need to increase your policy limits or purchase additional riders.
- Honest Disclosure of Newly Identified Medical Conditions
Report any newly discovered illnesses or medical problems that may have emerged throughout the policy's duration. Failure to do so may affect your premium and result in claims rejection.
- Review The Terms and Conditions
Before paying the renewal premium, carefully review the specifics of your medical insurance plan. Make sure there are no revisions, as they require IRDAI clearance and should be notified well in advance.
- Notify The Family of Any Policy Changes
Following renewal, notify your family of any policy changes, particularly your partner and children. Share policy specifics so that they have access to vital information during an emergency.
Failing to renew your health insurance coverage before it expires, you will face serious implications. The most significant result is the discontinuation of insurance protection and all of its accompanying benefits. This means you won't be able to file claims or use essential amenities like reimbursement for medical bills or cashless hospitalisation.
In some situations, insurance providers may offer a 15 to 30-day grace period following the policy's expiration date. During this time, individuals can renew without paying fines or additional fees. However, it is vital to note that even during this grace period, you will not be covered for any healthcare costs. Renewing timely is vital to ensuring that you can keep enjoying the benefits and protection provided by your health.
ConclusionHaving a valid health insurance plan through prompt renewal ensures ongoing access to critical healthcare services while protecting yourself financially during medical emergencies. Remember to evaluate and compare renewal rates regularly to ensure that your coverage meets your changing demands. Use health insurance calculators to remain updated on prospective expenses and make educated choices. Taking proactive actions towards health insurance policy renewal allows you to face healthcare difficulties with more peace of mind.
FAQsIs renewal of health insurance mandatory by law?
No, it isn't mandated by law to purchase or renew your health insurance. However, having adequate health insurance coverage is strongly recommended because it provides financial support in situations of medical emergency.
Will my present health insurance plan be renewed on its own?
No, health insurance policies are not automatically renewed. You have to begin the procedure for renewing before the policy's expiration date to ensure continued coverage and benefits.
Is there a grace period with health insurance?
Usually, many insurance providers provide a 15-day grace period following the policy's expiration. Within this period, individuals can renew their health insurance plan without paying any fines.
Can I renew my health insurance online?
Yes, many health insurance companies have dedicated online portals that let you renew online.
Can You set up your health insurance coverage to auto-renew?
It is not an intelligent choice for you to set the insurance plan to auto-renew because this means you will continue with the same insurance plan. You may want to modify the insurance to reflect your shifting needs and dependents (if necessary).
Is age a crucial variable in determining increases in premiums while renewing health insurance?
Yes, age can have a significant impact on premium rises. This can happen if you reach a specified age bracket, for example, if you turned 60 years during the policy's validity period and want to renew the plan. Age would play a significant role in this case.
Can you still renew your insurance after it expires?
Yes, although it may be more difficult. Based on your health condition and the insurance provider's policies, you may be required to pay higher premium rates or penalties.
Will you lose any accumulated benefits if your policy lapses?
Yes, you may lose your accumulated bonuses and no-claim bonus if your policy lapses.
What documents should you provide to renew your health insurance policy?
The paperwork required to renew your medical insurance plan can differ based on your insurer. Typically, you will need to submit documents proving your identity, proof of residence, and any recent medical records that are applicable.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.
Recent Blogs
Health Insurance
All About Adding Spouse To Health Insurance After Marriage
Marriage brings a lot of changes in your life. Not only does it affect your lifestyle, but it also requires you to switch your investments in a way that are better suited for a family. You will now want to include your spouse to your financial world by adding them as a nominee in your banking accounts and other investment assets. Amidst all these personal and financial changes, do not forget to add your spouse to your health insurance plan. Adding spouse to health insurance after marriage is quite easy and can be done in three ways.
Buying a new family floater plan
If you do not have an existing health insurance plan, now would be a great time to invest your money in a family floater health insurance plan. Health insurance plans for family members cover your spouse, parents, and dependent children. The family floater plan allows you to pay a single premium to cover all named family members for medical expenses.
When buying a family floater plan, do ensure that it offers adequate coverage for you and your family. It is also important to keep in mind that the coverage amount is directly proportional to the health insurance premium you need to pay. This means that a family health insurance plan that offers a sum insured of Rs 10 lakh will require you to pay lower premium as compared to a family health insurance plan that offers coverage of Rs 20 lakh. However, it is advisable to opt for a higher sum insured if you have senior members in the plan.
Adding spouse to insurance after marriage
If you already have an existing health insurance policy, you can extend the cover to your spouse by adding their name to the policy after marriage. Upon adding you spouse, the individual health insurance plan will be transformed into a family floater plan. Since the coverage amount will increase, the premium of the policy will be recalculated. You can also add your spouse to your existing health insurance policy at the time of its renewal. You will need an application form and a few KYC documents like identity proof, residence proof, marriage certificate and photographs, to get this process started. You can easily get the application form from the insurer’s website.
Adding your spouse to the health insurance plan offered by your employer
There are many companies that offer health plans to their employees. These plans usually extend the coverage to the immediate family of the employee. However, this condition varies from one insurer to the other. Hence, it is better to check with your insurance company if they allow you to add your spouse to the existing health insurance plan that is issued by your employer. Here, it is important to remember that the health insurance policies offered by employers are group insurance plans and may, therefore, have certain limitations to coverage. Still, these plans offer a great option for coverage in case you don’t have health insurance of your own.
It is quite important to avail the health insurance cover for your spouse after marriage. This can help the both of you to securely plan your financial future.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.
Health Insurance
Steps of adding spouse to health insurance after marriage
Marriage is a huge step in everybody’s life. And personal finance has a big role to play for a successful married life. Therefore, it is important to update the financial records, including the health insurance plan, post-marriage.
In case you did not have an individual health insurance policy before the wedding, you can invest in a family floater plan for yourself and your spouse. In case you already have an individual health insurance policy at the time of wedlock, then you do not need to buy another one for your partner. Instead, you can add your spouse to the plan and convert it into a single policy. It is a feasible and simple way of ensuring that you and your partner are adequately covered.
Porting health insurance after marriage is also important. When one of the partners already owns a plan, you simply need to add another partner to the current policy as the spouse. There is no specific rule which specifies who can add the partner. The process of adding the spouse to health insurance after marriage is simple. The one who owns the policy can start this process with the submission of KYC documents such as identity proof, proof of age, photographs and marriage certificate.
The change will come into effect in the next policy renewal by just submitting the additional form and paperwork. Once you do this, the premium will be calculated and pro-rated. It will become a family floater insurance policy that covers all the members of the family for a single premium. You will not have to worry about paying separate premiums for each member of the family. It will cover the entire family at the lowest premium based on the age of the members in the family. Let us take a look at the benefits of a family floater plan.
A major perk of the floater plan is that you can cover yourself and your entire family in one policy. The policy is easier to handle and you do not have to worry about handling separate individual plans
You enjoy additional benefits like a newborn cover, maternity benefits, etc. It will be highly effective for young married couples who are on the road to starting a family. You must ensure that you choose a plan that covers yourself and the spouse and invest in one right after marriage
You must also get maternity cover at the earliest. It has a waiting period between 0 to 4 years and if you buy the cover on time, you will be able to enjoy the maximum benefits
With a family floater plan, you enjoy the same tax benefits under Section 80D as you do on individual health insurance
Many plans come with a reinstatement feature where you enjoy the reinstatement of the entire coverage after it is exhausted in the policy period. This is only applicable to unrelated claims but it is very useful.
If you do not have a policy and are looking to buy one, consider a joint life policy. It will work on the same lines and will provide coverage to your children in future if anything unfortunate happens to the parents. The main reasons couples should think of joint life insurance are premium reduction and waiver benefits. In this case, if one partner dies due to an unfortunate event, the spouse will not only be entitled to enjoy the full sum assured on the cover but will also be absolved of the responsibility of the payment of premium. Alternatively, the spouse may have to pay premiums only applicable for their own cover for the remaining period of the policy.
After your marriage, it is your responsibility to ensure the safety and adequate coverage of your spouse. You must include your spouse in the decision and speak to them about the coverage you wish to buy. Only then proceed with the decision. The right health insurance plan will offer acomplete protection and peace for the future.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.
Health Insurance
Advantages of Group Health Insurance
As the name suggests, group health insurance is aimed to offer health insurance cover to a group of people, usually employees, and if offered by an employer. It can also be offered to members of a professional association or a society. As compared to individual insurance, group insurance has many benefits for the employee as well as the employer who offers the insurance.
Comprehensive cover: Group health insurance plans offer wide coverage and can be customised by the employer. It comes with many benefits like cashless healthcare services at network hospitals. There is no waiting period which means the employee is covered from day one. Besides personal accident cover, some group health insurance plans offer cover to family members of the employee.
Guaranteed cover: All employees and in some cases their dependants are covered, even if they have existing medical conditions. A group insurance policy doesn't require a separate medical check-up. As long as an employee is working for the organisation offering group health insurance, he or she shall remain covered under the plan.
Low premium: As group health insurance plans are bought for a larger group of people, they offer comprehensive cover at affordable rates. The costs are much lower than individual health insurance plans. Group health insurance plans can be customised as per the employer’s budget and requirements.
Tax incentive for the employer: Besides safeguarding employees from health issues, group health insurance plans also provide tax benefits to the employer. Under Section 80D of the Income Tax Act, tax relief is offered to businesses that give their employees the benefit of group health insurance.
Happy employees: When companies offer health insurance plans to their employees, they help retain and attract good talent. A Group Health Insurance plan is a significant part of the employees’ total compensation. A group health insurance plan provides employees with financial security against accident and illness.
Rider options: With a nominal extra payment, employees can take advantage of other additional benefits. The employee can also opt for a corporate plan along with the base plan offered by the employer. The riders may differ from one organisation to another.
Provide your employees SBI General Group Health Insurance
Group health insurance is a very important benefit that makes employees feel like a valued part of an organisation. It helps companies retain as well as attract talent. SBI General Group Health Insurance plans offer multiple coverages: Individual, family floater. It offers wide coverage from Rs 1 lakh to Rs 7.5 lakh. The group health insurance plans offer pre- and post-hospitalisation expenses. With SBI General group health insurance plans keep your employees happy.
Disclaimer: SBI General Insurance Company Limited I Corporate & Registered Office: 'Natraj', 301, Junction of Western Express Highway & Andheri - Kurla Road, Andheri (East), Mumbai - 400 069. | The information in the advertisement is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale. * ‘Tax benefits are subject to changes in tax laws’ I 'For SBI General Insurance Company Limited IRDAI Reg. No. 144 dated 15/12/2009 | CIN: U66000MH2009PLC190546 | SBI Logo displayed belongs to State Bank of India and used by SBI General Insurance Co. Ltd. under license. | Website : www.sbigeneral.in,Tollfree 18001021111 | UIN: SBIHLGP21330V022021 | ADDIG/20-21/AUG/652
Access and manage all your Insurance Needs in one place, right at your Fingertips.
4.5/5*
Access and manage all your Insurance Needs in one place, right at your Fingertips.
Download Our App
We're socially active!
