Features
- Life Cover till 85 years for Life & Life Secure Option
- 3 Payout Options
- Special Rates for Women
- Option to exit the policy with premium refund at the age of 60*
- Special Rates for Non-Tobacco Users
- Free Medical Check Up every 5th year**
Ref. No. KLI/22-23/E-BB/492
Why You Must Review Your Health Insurance Plan Every Year
A health insurance plan provides financial security against medical emergencies that may occur at any time. Here are the most crucial reasons that you need to know.
- 5,162 Views | Updated on: Dec 26, 2023
A health insurance policy is a powerful tool that provides financial security against medical emergencies that may occur at any time. But, it is vital to assess your specific healthcare needs to purchase the right type of policy and get the maximum benefit from it. And the best way to do so is to keep reviewing your health insurance policy every year.
As you grow, both professionally and personally, your health requirements also evolve at different junctures of your life. Therefore, it is vital to make suitable changes to your health insurance to make the most of it.
Let us look at a few crucial reasons why you must review your health insurance policy every year.
Scope of coverage
As healthcare in India evolves, insurance companies also make changes to their health insurance plan and add coverage for more diseases and treatments. If you’ve bought a health insurance plan with a set of illnesses covered, make sure you review your plan every year so that you can understand what other treatments have been added and ask for modifications to your plan accordingly.
Latest Policy Features
Technology is advancing at a breakneck pace, and even products like health insurance are benefiting from the digitisation of the world. Your existing policy may become outdated if you don’t review it regularly. You’ll come to know all about your policy’s latest features and benefits only if you review it during renewal.
Pre-existing Conditions
Insurers usually set a waiting period of six months to three years for certain pre-existing diseases. If you keep reviewing your policy, you may find that other insurance products are available with lesser waiting time, and you can switch accordingly. The same can be true if other insurance products are offering similar benefits at a much lower premium.
Changes in Lifestyle
Possibly the most important reason to keep reviewing your health plan is your changing lifestyle. As one grows older, professional stress, lack of exercise and other factors can take a toll on your health and wellbeing and put you at a higher risk for lifestyle diseases like diabetes and high blood pressure. So, you must review your policy regularly and modify it to include illnesses that are more common as one grows older.
Marital Status
When you’re single, you may have bought an individual policy covering medical expenses only for you. However, when you start a family and have children, you also must consider the well-being of your spouse and children. Thus, it becomes necessary to upgrade your health plan to include your family.
Conclusion
Like all plans for the future, health insurance plans also must be closely scrutinised every year. No aspect of your life remains the same as time passes. And hence it is imperative to review your health insurance plan and make changes to it so that it is more suitable to your changing healthcare needs.
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
- Life Cover till 85 years for Life & Life Secure Option
- 3 Payout Options
- Special Rates for Women
- Option to exit the policy with premium refund at the age of 60*
- Special Rates for Non-Tobacco Users
- Free Medical Check Up every 5th year**
Ref. No. KLI/22-23/E-BB/2435
Also read
Term Insurance bookmarks
- Term Insurance
- What is Term Insurance?
- 1 Crore Term Insurance
- Term Plan with Return of Premium
- Claim Settlement Ratio
- 75 Lakh Term Insurance
- 50 Lakh Term Insurance
- 20 Year Term Insurance
- Term Insurance for Smokers
- Zero Cost Term Insurance
- Whole Life Insurance
- Critical Illness Term Insurance
- Term Insurance vs Life Insurance
- Joint Term Insurance
- Term Insurance Benefits
popular searches
- Critical illness
- Sukanya samriddhi yojana
- Income tax slab
- Tds
- Types of insurance
- Tds refund
- Itr 1
- 80d deduction
- What is tds
- Term insurance vs life insurance
- Ulip meaning
- Irdai full form
- 1 crore term insurance
- Life insurance
- Invest in ulip
- Ulip
- What is term insurance
- Retirement plan
- 80c deduction list
- Pmjjby certificate download
- What is itr
- Section 80d of income tax act
- Insurance riders
- Term insurance
- Hra full form
- Savings plans
- Importance of portfolio
- Guaranteed savings plan
- Assured savings plan
- Endowment meaning
- Section 80C tax benefits