Lately I have realized that in India, renewing health insurance policy on time is as important as paying the insurance premiums, filling up the claim forms and all the other details required to keep the health insurance policy going. Very often, due to busy schedules and without anyone to remind, you forget the renewal deadline and the health policy expires. The importance of Medical Insurance Renewal can only be known when you miss one.So then how do you go about renewing your health policy?
Through the advisor: One of the most easiest ways of getting your renewals on time is to take the help of your insurance advisor who has been your expert advisor when buying the policy, in claiming, and in everything pertaining to the health insurance policy. A good advisor will remind you of the medical insurance renewal date, get the premium collected at the right time, and ensure you continue to enjoy the benefits of medical insurance renewal. All you have to do is make a cheque or an online payment.
But what happens in the absence of your Health Insurance advisor?
In case your advisor suddenly disappears either on a vacation or an assignment, leaving you in charge of everything pertaining to the policy including the trouble of remembering the medical insurance renewal date. The insurance company is under no obligation to remind you of the policy renewal date. So here’s what you can do if you end up facing such a situation:
Keep Insurance renewal reminders for yourself:
- Use your usual reminder tools, like your mobile, your planner. Now set Health Insurance Policy Renewal Alarm on your Mobile.
- Mark a circle on the date in red ink on the calendar you use to mark important appointments. Make sure that this is the calendar that you most look at when you are at work.
- Tell your spouse, she will remind you at right time, and she for sure won’t let you forget it
- Keep a reminder for a month in advance of the due date. And one for 15 days in advance. This will keep you in the loop and you would also get enough time to prepare yourself for the payment at the right date.
- There are many online tools available, where you can enter the dates and forget about it. You will get set reminders of 30, 15 and 10 days before the policy. These tools may also help you renew the policy.
Can your renewal be denied?
Typically a health insurance policy is an annual contract, hence Insurance Companies took the liberty to deny ‘loss making’ renewals. This led to huge debates for years as to whether the insurance company could by itself choose whether or not to renew the policy. The consumer’s cause was upheld, when the Supreme Court in the Biman Krishna Bose v/s United India Insurance Co Ltd case, held that the mediclaim policy has to be renewed on the same terms and conditions as long as the insured pays the premium on time.
Insurance policy remains a paper in your file, till the time you need to make a claim. Renewing your health insurance policy diligently every year is like locking your car every day. A burglar doesn’t check all the cars, but may take chance and hence you play safe.
To say the least, we haven’t heard of anyone who has lost more on renewing his policy every year, than he claimed in his lifetime.
To enjoy the benefits accruing to you through your health insurance policy, it is pertinent that you remain alert and punctual at all times.