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Health Insurance Renewal
Health insurance renewals make sure you continue to have insurance coverage for medical costs. It is the act of paying for your health insurance plan on or before its expiry date. Insurance companies also offer a grace period of an extra 30 days after the due date to make sure you can renew your plan on time.
By performing your medical insurance renewal on time, you prevent your plan from expiring and losing medical coverage. This can result in having to pay all your hospital bills yourself, which can be expensive, as healthcare costs in India have been increasing by 14% annually, nearly double the regular inflation rate.
To streamline the renewal process, IndusInd General Insurance (formerly known as Reliance General Insurance) allows you to renew your health plan online in a few simple steps. We offer flexible payment options and lifelong renewals under our health insurance plans.
A health insurance plan covers for these unexpected medical expenses, ensuring you don't have to bear the financial burden. You can focus on getting the medical care you need without worrying about the cost. In simple terms, health insurance helps you to reduce or avoid a larger financial stress by paying a comparatively smaller premium.
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What Is Health Insurance Renewal?
Health insurance renewal means paying your premium to continue your health plan. Your policy has a start date and an end date listed on your documents. When your policy comes to the end date, it expires, and your coverage stops completely. To keep your coverage active, you must renew before the expiry date arrives. Renewal keeps your health protection going without any break in between your coverage periods.
Why is it important to renew your health coverage on time?
Uninterrupted Coverage
Renewing on time means you always have protection for your medical bills. Your family stays covered without any gaps in their health insurance at all.
Avoid Policy Lapse
If you miss the renewal date, your policy can lapse and get cancelled. You lose all protection and must buy a brand new policy again.
No Medical Tests Again
When you renew on time, you don't need medical tests or checkups. A new policy may require you to undergo full medical underwriting again.
Keep Your No Claim Bonus
Timely renewal helps you retain the bonus you earned for claim-free years. Letting your policy lapse means you lose all these accumulated bonus benefits.
Retain Waiting Periods
You keep the waiting period credits you've already completed under your plan. Missing a renewal means you start waiting periods all over again from the beginning.
When to Renew Health Insurance?
A health insurance policy must be renewed on or before its expiry date. This ensures uninterrupted financial coverage for your medical expenses. However, if you miss your renewal dates, we offer a grace period and other options for a quick renewal:
What If I Miss the Renewal Date?
If you have missed your policy expiry date, you can still renew your insurance within the grace period to prevent your policy from being cancelled.
How Long is the Grace Period?
Get a grace period of 15 days if you’ve opted for a monthly payment cycle. For quarterly, half-yearly and yearly payments, get a 30-day grace period.
Grace Period Clause
The recent IRDAI mandate allows you to file a claim during the grace period and cover your medical costs even if you haven’t paid your premiums yet.
Health Insurance Renewal Benefits
Protects Your Savings
Medical insurance renewal helps protect your savings by ensuring sustained coverage so you don’t have to pay for your healthcare costs out of pocket. More importantly, if you let your policy lapse, you’ll have to pay higher premiums when you buy a new health insurance policy.
Ensures Uninterrupted Coverage
Renewing health insurance on time helps you avoid a break in your policy and builds trust. This can help you claim additional benefits in the future and ensure you maintain coverage for hospitalisation, pre- and post-hospitalisation, daycare treatments, critical illnesses, etc.
Offers, Discounts & Bonuses
Timely renewals mean you get to accumulate premium discounts and bonuses, especially for long-term plans. For example, you automatically get a 10% discount when you share your annual health check-up results with us and a 2.5% discount for timely renewals.
Instant Renewals Online
We offer instant and paperless health insurance renewals online through our website and the IndusInd insurance app. And to ensure you don’t forget, you can also set important reminders on our app so you never miss a renewal date. This way, you ensure continuous coverage.
Tax Benefits
All health insurance policyholders are eligible for tax benefits under Section 80D of the Income Tax Act (old regime) up to ₹1 lakh* for the premium paid for their and their senior citizen parents' health insurance. By renewing on time, you can continue to benefit from these deductions.
Retain Your Waiting Periods
Timely health insurance renewals also mean you get to retain the waiting periods that you've served under your policy. Since these can take years to complete, it’s best not to let your policy lapse, unless you want to start over under a new health plan.
IndusInd Health Insurance Renewal Online
Review Policy
Review your existing policy and modify it as per your requirements.
Pay the premium
Pay the premium amount to complete your health policy renewal online.
Health cover expiring soon? Let’s fix that
Call us to renew and lock in your loyalty discounts!
Types of Health Insurance Renewal Options
You can renew your Health Insurance in any way you prefer. You can either opt for automatic renewal or renew manually to customise your coverage each year.
Types of Renewal Options | What is the Process? | Who Can Opt For It? |
|---|---|---|
| Health Insurance policy auto-renews at term end. | Ideal for those seeking convenience. |
| Policyholder reviews and renews coverage. | For those who prefer control and regular review. |
| Switch to a different plan with same insurer at renewal. | For those needing a plan upgrade or change. |
| Shift policy to a new insurer with benefits retained. | For those changing insurers but keeping accrued benefits. |
Disclaimer: The above renewal options are subject to policy terms and conditions. Please refer to the policy wording for detailed information.
Factors to Consider Before Health Insurance Renewal
Current & Future Health Needs
Review your current health condition and future risks to adjust your health insurance coverage. You must also disclose any new illnesses from the previous policy period to ensure continued coverage after renewal.
Look out for Notifications
If there is a change in the policy terms, it will be notified to you over a call or by email. Review updates, check how they affect your requirements and make the necessary changes while renewing medical insurance online.
Understand Renewal Terms and Conditions
Review your mediclaim renewal terms and conditions to avoid discrepancies or issues during future claims. Also, inform family members like your spouse or legal heir so they can help during an emergency.
Seek Customer Support
If you want to get detailed information on the change in policy coverage or new policies introduced, you can connect with the customer support team. They can address your concerns and help renew your health coverage.
Policy Upgrades & Sum Insured
Modify your existing health insurance policy by enhancing the SI and opting for add-ons, if you need them. Alternatively, you can also upgrade to a new policy to benefit from enhanced coverage and a discount on health insurance renewal.
Health Insurance Portability
If you are not satisfied with your current insurer’s coverage benefits or services, you can switch your policy to a different insurer like IndusInd General Insurance (formerly known as Reliance General Insurance) before the renewal date.
Health insurance starting at just ₹243 per month*!
One Click to Renew Years of Health Coverage!
At IndusInd General Insurance, we offer an instant, paperless renewal process that can be completed from your phone. Renew your IndusInd Health insurance policy today!
Documents Needed for IndusInd Health Insurance Renewal
Proof of Identity - Aadhaar Card, Passport, Driving Licence, etc.
Proof of Address - Aadhaar Card, Ration Card, Passport, etc.
Health Insurance Policy certificate
Medical Records, Diagnostic Test Reports, etc.
Disclaimer: Please refer to the policy details for an exhaustive list of documents.
Can You Transfer a Health Insurance Policy During Renewal?
Yes, you can transfer your health insurance policy to a different insurance provider at the time of renewal. It is referred to as health insurance portability. Here's everything you need to know about this process:
What Happens When You Don’t Renew Health Insurance On Time?
Reasons to Renew Your Policy On Time:
Your Policy Will Get Cancelled
If you fail to renew your health plan before its expiry date or during the grace period, it will get cancelled.
You Cannot Raise a Claim
If you miss the last day to renew your health insurance policy, you will not be able to file claims or access policy benefits.
You Will Lose the Benefits Earned
If you have accumulated benefits such as a cumulative bonus or completed part of your waiting period, failing to renew on time will result in the loss of all these advantages.
Pay a Higher Premium
If you miss your health insurance renewal date and if the policy expires, you need to get a new policy, which can be more expensive.
Undergo Medical Examination
If you fail to renew health coverage, you may have to undergo a medical examination to purchase a new policy.
Tips for a Smooth Renewal Process
Set Reminders
You can do this on your mobile phone’s calendar app or the IndusInd Insurance app (formerly known as IndusInd Insurance app).
Assess Your Needs
Review your health insurance requirements and choose suitable coverage before the renewal date to avoid last-minute hassles.
Don’t Ignore Reminder Calls
Don’t miss our renewal calls thinking it is spam. Install caller ID apps that help identify genuine callers.
Check Your Email
Review your email regularly to stay updated on policy changes, renewal notifications and discounts on health insurance renewal.
Contact Us for Queries
Please contact customer care to understand any policy changes since your last renewal and make informed decisions.
Go for Online Renewals
Go for online mediclaim policy renewals as they are simple and quick. In fact, we offer instant and paperless renewals online.
Key Takeaways
Health insurance plans have start and end dates, which are mentioned in your policy document. Once you reach the end date (the last day to renew health insurance), you will need to renew your policy by paying for next year’s premiums.
Renewing your health insurance plan also gives you the chance to re-check your policy coverage and make changes to your plan if required. At IndusInd General Insurance (formerly known as Reliance General Insurance), we make renewals easy with instant online renewals plus a 30-day grace period if you miss the due date. You can also modify your health insurance plan online by increasing coverage, including add-ons and making use of your No Claim Discount if you had a claim-free year.
Since corporate health insurance policies frequently fall short and only cover 74% of your healthcare needs, you’ll need to buy and maintain a private health plan to ensure comprehensive coverage. With us, you get coverage that meets your changing healthcare needs.
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