Health Insurance Renewal

Renewing health insurance in India is a critical aspect of maintaining financial security and peace of mind in the face of unpredictable medical expenses. Health insurance policies typically require annual renewal, ensuring continuous coverage and access to quality healthcare. As healthcare costs continue to rise, your health insurance policy renewal is not just a necessity. 

 

It's a strategic financial decision that safeguards your well-being. It helps you stay prepared for any medical contingencies. In this rapidly evolving healthcare landscape, understanding the renewal process can ensure that your health insurance policy remains reliable and effective against unexpected healthcare costs.

Renew health insurance online on Bajaj Markets by following the fairly simple process given below:

• Step 1: Choose your insurer
• Step 2: Fill in your policy number
• Step 3: Click on ‘Get Quote’
• Step 4: Pay the renewal premium price 

 

You will receive the renewal document via SMS and email from the insurer.

Given below are the reasons why you should renew your health insurance policy:

• Continuous Coverage: Your medical insurance renewal ensures that you have continuous coverage without any gaps. If you allow your policy to lapse, you may have to undergo a waiting period again for certain pre-existing conditions, and any medical expenses incurred during the lapse will not be covered.

• Coverage for Pre-Existing Conditions: Health insurance policies typically have waiting periods for coverage of pre-existing medical conditions. By renewing your policy, you maintain your coverage and ensure that you can use the benefits when needed.

• Financial Protection: Health insurance provides financial protection against unexpected medical expenses. Renewing your policy ensures that you are prepared for medical emergencies without depleting your savings or facing significant financial strain.

• No-claim Bonus (NCB): Many health insurance policies offer a No Claim Bonus for every claim-free year. NCB is a discount on the premium for the subsequent policy year. By renewing your policy, you can accumulate NCB, which can substantially reduce your premium over time.

• Inflation Protection: The cost of medical treatments tends to increase over time due to inflation. Renewing your health insurance policy allows you to keep your coverage amount (sum insured) up to date, ensuring that it remains adequate to cover rising healthcare costs.

• Coverage for New Illnesses: Health insurance policies may cover new illnesses that you may develop after purchasing the policy. Your health insurance policy renewal allows you to maintain coverage for unforeseen health issues that may arise in the future.

• Coverage for Family: If you have a family health insurance policy, renewing it ensures that all family members continue to have access to healthcare coverage. This is especially important for the well-being of your loved ones.

• Tax Benefits: Premiums paid for health insurance are eligible for tax benefits under Section 80D of the Income Tax Act. Renewing your policy allows you to continually benefit from these tax deductions.

• Access to Network Hospitals: Health insurance policies often have a network of hospitals where cashless treatments are available. Renewing your policy ensures that you can continue to access these network hospitals for hassle-free medical care.

• Peace of Mind: Knowing that you have an active health insurance policy provides peace of mind. You can focus on your health and well-being without worrying about the financial burden of medical expenses.

• Emergency Coverage: Health insurance is particularly important in emergencies. Completing your medical insurance renewal ensures that you have immediate access to medical assistance and treatment during critical situations.

• Customisation: You can review and adjust your health insurance coverage during the renewal process to meet your changing healthcare needs. This allows you to tailor your policy to your current circumstances.

Here’s a list of a few health insurance plans you can find on www.bajajfinservmarkets.in.

Health insurance or a mediclaim policy renewal is an important decision that requires careful consideration. Before renewing, here are several factors you should keep in mind:

• Premium Amount: Review the premium for the upcoming policy year. Ensure that you can comfortably afford the premium without straining your budget. If the premium has increased significantly, explore whether it's justified by additional coverage or factors like your age or claims history.

• Coverage Adequacy: Assess whether the coverage amount (sum insured) of your policy is still adequate to meet your healthcare needs. Consider factors like rising medical costs, changes in your health condition, and the healthcare needs of your family members.

• Waiting Periods: Check if your policy has waiting periods for specific conditions or treatments. If you've been on the same policy for a while, you may have crossed waiting periods for certain pre-existing conditions. Health insurance renewal makes sure that your coverage remains active.

• Exclusions: Review the policy's list of exclusions, i.e., conditions or treatments not covered by the policy. Understand what is and isn't covered to avoid surprises when making a claim.

• Network Hospitals: Ensure that the health insurance provider's network of hospitals includes facilities that are convenient for you. Access to network hospitals can simplify the cashless treatment process.

• Co-payment and Deductibles: Check if your policy has copayment or deductible clauses. Co-payment requires you to pay a portion of the medical bill, while a deductible is a fixed amount you must pay before the insurance coverage kicks in. Understand how these clauses affect your out-of-pocket expenses.

• No-claim Bonus (NCB): Assess if your policy offers a No Claim Bonus (NCB) for every claim-free year. NCB can lead to a reduction in the premium or an increase in the sum insured. Understand the NCB benefits and how they apply to your policy.

• Rider Options: Investigate if there are additional riders or add-on covers available with your policy. Riders can provide extra coverage for specific needs, such as critical illness coverage, maternity benefits, or daily hospital cash.

• Pre-Existing Conditions: If you have developed new pre-existing conditions during the policy term, check whether they are covered or if there are waiting periods associated with them.

• Renewal Terms: Review the mediclaim policy renewal terms and conditions provided by your insurer. Ensure you understand the renewal process, including the grace period for renewal and any requirements for medical checkups.

• Network of Doctors: Some policies offer access to a network of doctors or telemedicine services. Verify if these services are available and consider whether they are important to you.

• Claim Settlement Ratio: Research the insurer’s claim settlement ratio, which marks the rate of claims successfully settled. A higher ratio suggests a better record of honouring claims.

• Customer Service and Support: Evaluate the customer service and support provided by the insurance company. Responsive and prompt customer service can be crucial during the claims process.

• Policy Portability: If you are dissatisfied with your current insurer, consider whether your policy is portable, allowing you to switch to another insurer while retaining the continuity benefits like no-claim bonuses. You could also get a few additional benefits on switching to a new insurer. Remember to check the offers provided by other insurance companies.

• Reviews and Feedback: Look for reviews and feedback from policyholders regarding their experiences with the insurance company and the policy's coverage and service quality.

• Inflation: Consider the impact of inflation on healthcare costs. Make sure your coverage amount is sufficient to handle future medical expenses.

• Life Changes: Assess if any major life changes, such as marriage, childbirth, or a change in employment, affect your insurance needs. You may need to update your policy accordingly.

Health Insurance Plans Available at Bajaj Markets