FinanceHealth and Fitness

Importance of Reading Health Insurance Policy On Renewal

As they say, insurance is a subject matter of solicitation; it is in your best interest to read the health insurance policy document in detail before investing in it. While you may buy your medical insurance policy from a reliable insurance company, you will have to renew it before the deadline to continue to avail of its benefits. Not renewing it on time will lead to the policy lapse causing a loss of all benefits. 

Just as comparing different policies is essential when buying an insurance policy, it is equally important to compare different policies and their benefits when renewing a policy. It will help you pin the best policy that caters to your and your family’s health needs. 

Thanks to a range of top-rated insurance providers in the country, you have myriad options. Companies such as bajaj allianz health insurance enable the easy renewal of your health policy. The online mode of renewal has made the entire process prompt and handy. 

Renewal of Health Insurance Policy 

Your health insurance policy is devise for a specific tenure, meaning it has to be renew at the end of each year so that people can avail of constant coverage. A mediclaim policy can either be bought online through the insurer’s website or renew offline via an insurance agent. 

Similarly, health insurance renewal can be done online via your insurer’s online portal or offline at the nearest branch office of the insurance company. 

You can read online third-party reviews and visit individual policymakers’ websites to collect the information. You can use all information available from various sources to compare policies and choose the most beneficial policy per your needs. 

Few things to consider when renewing your policy

Review the terms of renewal

It is essential to do a thorough review of the health insurance plan you will be choosing to renew. As per the policy of all top-rated insurance companies, you will be intimate about the upcoming renewal date of your insurance policy at least 45 days before its expiry date. Your insurer will likely send you the details via email as a notification for renewing your policy on time. 

These details could include everything from the number and types of claims made under the policy, the sum assure and the no-claim bonus. You can always tally the details and inform your company if you see any inconsistency in the details share by your insurance provider. 

Check out options

Before concluding, ensure you have compare your existing policy maker’s renewal benefits with other insurance providers. Every policy is unique and offers different benefits. When the policyholder is unsatisfied with the current policy benefits, they can check out newer plans to see what new other policies offer and accordingly take a call. 

Assess insurance requirements 

Healthcare prices have been rising rapidly, and this is where an insurance policy can make an instrument of security to take care of your emergency health expenses. You can find various plans in the market, from individual policies to family floater policies to those covering critical illness, pregnancy expenses, and neonatal care. 

It is best to assess your present and future needs when renewing a policy so that you can access the required benefits. You can add a rider to your standard base policy or select a higher sum to be insured. 

Why should you read the renewal terms? 

Reading the renewal terms of the health insurance policy is a must as it gives details about the following.

Scope of coverage

As every health insurance plan is exclusively designed, the terms and policies differ accordingly. While you may have been on an existing policy from a company, while renewing it, you may identify extra benefits covered by your policy. 

Benefits of hospitalisation

Most insurance plans are likely to include optional benefits. Going through the health insurance terms in detail can illustrate such benefits. In case of a medical emergency requires hospitalisation, it may not be feasible to go through the policy document. Having read the insurance policy beforehand can help you avail of appropriate treatment. 

Know the claim settlement

Reading your health insurance plan’s terms and conditions while renewing can give you a fair idea of the claims settlement process that can benefit you by offering an edge over the existing plan. These processes are typically pronounce in writing in the policy document and can help avoid confusion and misconstruing. The best health insurance policy provider always ensure that their helpdesks are easily approachable by people seeking health insurance services. 

Buy health insurance to cover medical emergencies and save on tax

Considering the unpredictable life scenario and increasing medical inflation, having a proper medical insurance policy is essential to manage the hefty treatment expenditure. The benefits of having medical insurance are manifold. Apart from providing extensive coverage, the health insurance policy also helps you with improvement in tax savings. 

When you purchase a medical insurance policy, your daycare procedure, pre and post hospitalisation charges, health check-ups, vaccination costs, critical illnesses treatment charges, AYUSH treatment cost, organ donor charges and many more are cover. In addition to this, you can also go for cashless benefits from the partner network of hospitals of your policy provider. If you want extra coverage, you can always opt for add-ons that will help you with covering certain specific conditions. 

According to the government’s mandate, a medical insurance policy holder can avail of rich tax benefits under section 80D of the Income-tax Act of 1961. From the annual income tax payment, you can get a deduction considering the premium you pay. 

  • If you have a family health insurance plan (below 60 years), then you can go for a deduction of Rs. 25,000 from the annual income tax amount you pay. 
  • If your medical insurance policy includes people above the age of 60 years, then you can avail of the maximum discount of Rs.50,000 from the entirety of your annual tax payment. 

By opting for a proper health insurance plan, you can get extensive medical coverage as well as save a lot of money through tax benefits. You can get your family medical insurance policy from Bajaj Allianz, India’s most reliable insurance provider. You can file your application online and get your health insurance within minutes without any hassles. Bajaj Allianz also has a Claim Settlement Ratio (CSR) of around 98%. 

Understand the exclusions

Reading through the documents can inform the policyholders of details of the illnesses and conditions that are cover and that aren’t. The latter are exclusions, and knowing what is not cover will help you arrange alternatives accordingly. 

Whether you are signing up for a new policy or renewing an existing one with the same company or with another company, just ensure that you are on the same page as the insurer and well-verse with the policy’s terms and conditions before investing in it.



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