Review your Health Insurance Plan before Renewal. Here are 7 Reasons…

Posted on: Mar 3, 2021 | | Written by:

Review your Health Insurance Plan before Renewal. Here are 7 Reasons…

According to a report for the FY-2018-19, health insurance and general insurance companies collected ₹ 44,873 crores as the premium amount, which is 21.2% higher than the previous year. This indicates that more and more people are opting for health insurance plans in India. Health insurance is one of the best ways to ensure that any unforeseen health emergencies are covered, and there is no sudden financial burden on you or your family. But at the same time, it is also essential that you review your health insurance plan before renewing it so that you don't miss out on any features or products and enjoy maximum benefits.

7 Reasons to Review Your Health Insurance Plan Before Renewing

Wondering why you need to re-evaluate your health insurance plan before renewal? Here are 7 reasons to do so:

New Products and Features: In the post Covid-19 era, a lot has changed in the healthcare sector. Insurance companies are coming up with new products, features and benefits every year. Some insurance companies are revising their existing policies and products to offer enhanced protection. When it's time for your health insurance plans to be renewed, it is advised that you review the existing policies to check if there have been any changes or if you want to opt for any add-ons and then proceed with the renewal process.
No Claim Bonus: Insurance providers offer a fair percentage of No Claim Bonus (NCB) for every claim-free year. The bonus can range from 100% to 150%, which means you can save a considerable amount. However, if you do not review your policy, the insurer may end up providing you with lesser NCB, which means you will have to pay more premiums in the coming year despite being subject to benefits. You may also lose out on the NCB. It is a matter of awareness, which can help you save so much more than you expect.
Pre-Existing Disease (PED): By not reviewing your health insurance plan, you may end up impacting the PED. For example, there is a waiting period of up to 4 years for an ailment like a cataract. But there may be chances that when you review the insurance policy, you may come across insurers that needed a lesser waiting period on PED than your current insurer. There may also be chances that you may have to pay lower premiums as per the new policy.
Getting a cover for maximum health conditions: It may be a possibility that currently, you are unable to get a cover for lifestyle-related ailments like diabetes from your insurer. However, other insurers in the market do offer cover for diabetes and other lifestyle diseases. Reviewing your policy can help you port from the current plan to a better plan that helps you feel more secure.
Lifestyle-related changes: With age, we have to make some lifestyle choices that affect our health. Apart from age, stress, diet, eating habits, and conditions like a pandemic can cause health disorders. Therefore, it is important that, based on your lifestyle changes, you also upgrade or change your insurance plan and customise it based on your preferences.
Lesser Coverage for Higher Premiums: The competition in the health insurance sector is immense, the benefit of which can be availed by the consumers. With such heavy competition, insurance companies make it a point to revise their policies every year, including newly discovered diseases or ailments. Hence, it is a wise step to review your policy year on year.
Phases of life: Job change, marriage and parenthood are some of the reasons why you need to review your health insurance policy before it is due for renewal. For instance, you took an insurance cover while you were single, but you get married at the time of renewal. Now, you have to make a plan that will cover your spouse also. In such cases, you can opt for a family floater to meet your various healthcare needs. It is also good to check with your insurer regarding an insurance cover to be included for a newborn if you expect to have a baby in the coming year that falls under your renewed policy.

Conclusion

Renewal of your health insurance is a must to stay protected and enjoy uninterrupted benefits. But at the same time, it is imperative to review the policy as this will help you avail the maximum benefits with added coverage and save big on premiums.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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