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Ref. No. KLI/22-23/E-BB/492
Health insurance may not protect you from diseases, it will shield you from financial losses from the costs associated with treating those ailments. Renewing your health policy is unquestionably advantageous.
Health insurance offers protection against unexpected medical expenses that result from accidents, illnesses, or injuries. It expands its coverage to cover medical costs such as prescriptions, hospital bills, pre- and post-hospitalization costs, visitation costs, etc. Health Insurance is experiencing a dramatic rise in sales due to the rising healthcare expenditure. You must understand the significance of protecting yourself and your loved ones with a health insurance policy, just like many other people.
It is essential to timely renew your health insurance policy in order to keep it in effect and maintain your security about health insurance. Take certain factors into account when renewing any sort of insurance to make sure you receive the greatest advantages at the lowest possible rate. This post explains 5 things you should consider before renewing your health insurance.
You must renew your health insurance policy before the deadline to continue receiving coverage. If you don’t renew your health insurance policy by the due date, the insurance provider gives you a grace period of 15 days, during which you can do so to prevent the policy from expiring. The policy cannot be renewed after it expires. You will receive continuing benefits and will not need to undergo a new medical exam if you renew health insurance policy before it expires. Additionally, the renewal premium is considerably lower than the standard premium.
After a certain age, illnesses like diabetes and hypertension become frequent. Additionally, health also raises one’s risk of developing serious ailments. As a responsible policyholder, you must advise the insurance company of any changes in your health at the time of renewal, which may result in a premium rise.
Additionally, as we move through different periods of life, our health insurance must adapt. If you get married or have a child, then it makes sense to add your new family members to your existing health policy.
You should consider the insurer’s experience with claim settlement and customer service before renewing your health insurance plan. Customers should receive timely and satisfactory service. Your insurer should have a large network of hospitals and clinics for hassle-free cashless treatment. It guarantees that you receive prompt treatment without any difficulty. You should reconsider renewing the coverage if you have dealt with a claim settlement with your insurer and are unsatisfied with it.
Insurance businesses work to provide competitive premium rates as a result of the heightened competition in the insurance industry. Therefore, in addition to reviewing the benefits provided by the insurer, you should also compare the policy premiums charged by rival companies for policies of a similar type and benefits package.
Nowadays, comparing various health insurance policies in terms of benefits, claim settlement ratio, reviews, and premiums is quite simple due to the abundance of financial websites that provide all the information about all the policies with simple comparison options. You should reconsider before renewing your health insurance policy if it does not provide value for the price paid or if it charges a higher premium than rivals that offer comparable benefits.
According to the Insurance Regulatory and Development Authority (IRDAI), the term “portability” in the context of health insurance refers to the privilege given to individual health insurance policyholders (including all members of a family floater health insurance policies) to switch their policy to a different insurance provider and transfer any pre-existing condition credits and time-limited exclusion credits they have accrued.
The portability feature enables you, the policyholder, to switch to a new insurer while maintaining all of the benefits and discounts offered by your current health insurance policy. Therefore, it makes sense to port the health insurance policy if you are unhappy with your current insurer for whatever reason rather than cancelling your present coverage, purchasing a new policy with additional waiting periods, and losing the benefits you had with your old coverage.
It is essential to study the policy’s tiny print if you want to get the most out of your health insurance plan. Knowing your health issues and the details of your health insurance plan will help you choose whether or not the latter is right for you. Many times, consumers just purchase policies based on recommendations from friends, family, or insurance agents without taking into account if the coverage meets their needs. A health insurance policy’s main objective is to provide financial support in the event of a medical emergency. Therefore, you should confirm that it offers all the advantages that you and your family require, together with exceptional customer assistance at a reasonable price.
5 things to consider while renewing a health insurance policy are
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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