Health insurance policies work as an umbrella during medical emergencies for policyholders. It is important to note that coverage for these policies usually has a validity period between 1 and 3 years. Preparing early for renewing your mediclaim insurance allows policyholders to keep their benefits and that safety umbrella above them without any waiting time.
Renewing your expiring mediclaim policy with one of the best health insurance company in India is not a difficult process, but one that you need to keep track of at all times. By keeping track of all the different aspects of renewing your mediclaim, policyholders can maintain their benefits, or get an improved policy that leads to better savings and improved protection.
This guide will help you understand the basic tips and tricks to renew your medical policy and provide you with figuring out all the major ways to renew your policy with one of the best health insurance company in India.
Why Should You Renew Your Mediclaim Policy?
Renewing your mediclaim policy would ensure that you continue receiving immediate coverage while renewing your still-existing policy. Even if you can’t make your payment for the renewal by the due date, the insurer gives you a grace period of 15 days to renew your policy. You lose the protection your coverage provides you and your loved ones.
Renewing your policy provides additional benefits as well. For example, there is usually no need to conduct an additional medical exam if you renew your existing insurance policy before its expiry. Finally, the renewal premium costs less than the standard premium, which makes it very lucrative for policyholders near the due date.
Tips for Getting the Best Rates While Renewing Your Policy
Here is a list of top-notch tips while you consider renewing your best health insurance plans in India.
Evaluate Your Current Coverage
Assessing and going through the fine lines of your current mediclaim insurance policy to understand what is best for you as a policyholder. Combing through every last detail of your insurance can help you choose what is the best fit for you. Do also go through other policies that are similar to yours as well. It helps in understanding
It is often the case, that people buy policies on the word of friends and family without considering whether their coverage meets their needs. Do not buy a mediclaim policy solely on what someone else told you. Research and choose what insurance policy would suit you and your family best.
Compare Different Plans
Most insurers generally provide very competitive premium rates to keep themselves ahead of their competition. In addition to reviewing your best health insurance plans in India, compare it with the rates and coverages of similar policies to find the best policy for you.
Nowadays, it is much easier to find authentic information on financial websites. This makes it much easier to understand and see whether your plan is suiting your needs, and if you can get a similar plan for cheaper from any other insurer.
Also read: 8 Best Telehealth Apps With Accepting Your Insurance
Utilise No-Claim Bonuses
One important condition to keep in mind when in the process of renewing your mediclaim insurance policy is whether you are eligible for any no-claim bonuses or not. No-claim bonuses are provided to policyholders if they go through a set period without issuing any claims on their insurance for any medical emergencies. This is depending on whether your current policy offers a no-claim bonus in the first place.
Look into how you can claim your no-claim bonus. Find out whether you have to claim your bonus before your plan expires. Claiming that bonus is beneficial on many ways for existing policyholders.
Leverage Discounts and Offers
Always keep an eye out around your renewal date if there are any special discounts, or offers that are being provided to you. For example, some insurance companies give customers some cumulative benefits when they renew their coverage without any missed payments or a gap. Insurers also provide tax benefits for renewing insurance policies under Section 80D of the Income Tax Act of 1961.
There are more in-season discounts, offers and benefits that can be availed by policyholders, which you should surely take advantage of.
Review and Update Your Health Records
It is critically important for you as a policyholder to keep yourself up-to-date on your medical checkups and history to make honest disclosures. You need to report any newly diagnosed illnesses or medical problems that emerged during your current policy. This is to ensure that the insurance company is informed of your illnesses, and can take that into account while charging your premiums.
The benefits this provides are multiple-fold. Not only are you getting updated on your health, but you are ensuring that there are no claim rejections, or severely increased reporting due to not disclosing any illnesses that you might have had in this time.
Conclusion
Having a seamless transition through the prompt renewal of your mediclaim insurance plan ensures that you have uninterrupted access to top-tier medical services at all times. Even while deciding on what next move to make, remember to compare renewal rates, and other aspects of your insurance plan with other insurance policies, to find the best plan for your needs.
Insurance providers like Niva Bupa can help provide you with the best health insurance plans in India and renewal rates to ensure a seamless move into a new insurance policy.
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