Getting a health insurance coverage coverage for the security of your household is a wise step taken in the proper course. However, you need to additionally remember that for your coverage to offer you steady protection and stay legitimate, you want to renew it earlier than the expiry of the coverage.
Rakesh Jain, CEO, of Reliance General Insurance, says, (*5*)
Here are 5 issues you must consider when renewing your health insurance coverage;
Renew your coverage well timed
Renew your coverage earlier than the expiry of the present coverage. In any circumstances, if in case you have missed it, do do not forget that normally there’s a 30-day grace interval wherein in the event you renew your coverage you don’t lose your continuity profit. However, for this era, which is the coverage finish date to the renewal date, you and your household can be uncovered.
Jain explains, “Lapse of the existing policy is risky, especially for those with pre-existing medical conditions. Even though insurers send renewal reminders of the due date, the policyholder still has to ensure that the policy is renewed before the due date.”
Option to improve the sum insured
As the medical price rises each year, you may at all times assess the sum insured you require earlier than renewing your coverage. And if want be, you may improve the sum insured quantity on the time of coverage renewal. Moreover, in accordance to trade consultants, you may also improve the protection by including a top-up or tremendous top-up plan with your base coverage.
Add a member of the family/members
There is an choice to add a brand new member of the family to your present coverage on the time of renewal. “One can add one’s parents, spouse or children under the health insurance protection, and can always opt for it before renewing, subject to it is on the individual cover,” says Jain.
You are additionally eligible to get taxation advantages by including relations aged 60 or above.
Consider the choice of portability
This normally is right in the event you are not happy with the present coverage. If you are not happy with the companies of your present insurer or contemplating extra options in your coverage however not obtainable within the present coverage, then you may at all times port your health insurance coverage coverage on the time of renewal.
Consider the convenience of a cell application
Jain factors out, “Mobile applications have brought ease, speed, and transparency to insurance claim processes and settlements. Hence, it will be wise to check if one’s present insurer has a user-friendly app for quicker and transparent claim settlement.”
Having mentioned that, remember the fact that click on and importing paperwork for declare intimation, real-time declare standing monitoring, accessing all policy-related info and one-click renewal of your present coverage are vital options the app ought to have.