Why Health Insurance Renewal Should Never Be Delayed

With rising healthcare and medical treatment costs, having health insurance is a necessity for individuals and families. However, one essential aspect of a health insurance plan is timely renewal.

If the health insurance renewal is not completed on time, it can lead to serious consequences, such as an interruption in medical coverage, higher premiums and more. Let us understand the importance of timely health insurance renewal.

What is Health Insurance Renewal?

A health insurance renewal is basically the process of extending your health insurance policy for another policy term by paying the renewal premium before the policy expires. This will allow you to enjoy the benefits of your health insurance policy.

Basically, when you buy health insurance online, you get a policy document which specifies the policy's expiry date. Before that particular date, you need to renew your health insurance plan for uninterrupted medical coverage. If you renew your plan after the specified date, your policy will be considered lapsed, and you will need to buy a new plan.

Benefits of Timely Health Insurance Renewal

Timely renewal of health insurance plans allows you to receive medical coverage during emergencies. Apart from this, it also offers numerous benefits to the individual and insured family members.

Retention of No Claim Bonus

When you renew your health insurance plan on time, you do not lose the accumulated no-claim bonus discount. It is a discount offered by insurance providers for every claim-free year, which helps lower the premium at renewal.

No Resetting of Waiting Period

Generally, the waiting period resets to zero when you forget to renew your health insurance plan. It means you need to complete the waiting period before you can avail the health insurance benefits. However, timely renewal of your health insurance ensures your waiting period remains intact.

No Medical Check-Up Requirement

When you renew your health insurance policy within the stipulated time without any break in coverage, insurers generally do not require you to undergo fresh medical examinations. This makes the renewal process quicker and more convenient while ensuring uninterrupted health coverage.

Income Tax Benefits

Renewing your health insurance policy allows you to continue enjoying tax benefits under Section 80D of the Income Tax Act, 1961. The premium paid towards health insurance renewal can be claimed as a deduction. This helps you lower your taxable income.

Tips for Timely Health Insurance Renewal

Here are some tips for timely health insurance renewal.

●      Set a notification in your calendar or on your phone at least 6 months before the health insurance policy expiry date.

●      Most insurance providers also send emails or make calls to their customers about policy expiry. Do not avoid it.

●      If your insurance provider has an application, then download it and enable push notifications to receive timely alerts.

●      Store or save your health insurance policy expiry date in your phone or laptop as a reminder.

Get Timely Notification for Health Insurance Renewal with TATA AIG

Health insurance renewal is crucial to enjoy uninterrupted medical coverage. However, many times policyholders unintentionally forget about the renewal date, which can result in a lapse in coverage and the loss of valuable medical benefits.

To help customers avoid such situations, TATA AIG sends timely health insurance renewal reminders through multiple channels, including SMS, emails, and phone calls. Along with this, they also assist the customer with the health insurance renewal process. Secure your health with the TATA AIG health insurance plan now!