Health Insurance – 3 key reasons to renew your policy on time!
Did you know it is not enough to merely get yourself a Health Insurance Policy, it is very important to renew it on time, before the expiry date every year to get the full benefits of a Health Policy.
Though some insurers allow certain days of grace period after date of expiry for renewing, Your health/mediclaim policy should ideally be renewed at least 10 to 15 days before the date of expiry to ensure you do not lose the continuity benefit that comes with a Health Insurance cover.
Here are 5 important reasons why you should continue to renew your health insurance with the same health insurance company over the years:
1. No Claim Bonus (NCB) / Discount
A health policy entitles you an increase in the basic sum insured for every claim free year subject to certain limits. So, it is important that you renew your policy every year to avail this benefit over the years.
2. Coverage for pre-existing diseases and temporary exclusions
In most health/mediclaim policies, pre-existing diseases gets covered usually after 4-5 years and there are certain diseases (even if they are not pre-existing) which are covered from 2nd or 3rd year onwards.
If you fail to renew your policy on time or shift your policy to another insurer, the exclusion period again starts from scratch, nullifying all your timely renewals during the previous years.
3. Waiting Period
As you know that most health mediclaim policies don’t allow for any claims during the first 30 days; in case of non-renewal of policy in time or change of insurer this waiting period of 30 days also starts afresh.
It is very important to renew your health / medical policy on time, every year. If there is a break in the policy, you stand to lose out many benefits which you acquire over a period of time.