Once you have bought your policy, there are two things which become pertinent to know – the if and but of claims and the when and how of the Policy Renewal. This article focuses on the latter part and highlights a very interesting case that happened with Mr Sharma -
He bought a health insurance policy in April 2008 through an agent of a very well reputed insurance company. While everything was going smooth, including the reimbursement of claims, the problem started in April 2009 when it was time for his policy renewal. But Mr Sharma believed that the company/agent would give him a reminder when it was time for renewal, however, this did not happen. He got no reminder, from the company/ agent too, and the agent told him that he was too busy to call or send the notice.
His ignorance about basic things before renewal of health insurance policy, (including the date), deprived him of the ‘continuation benefit’ associated with renewal, led him to start a fresh policy with a new company.
To make sure you don’t suffer the way Mr Sharma did, here are a few things you will need to know before the renewal of your policy. Renew your Mediclaim with Medimanage Now!
First thing first, the date of renewal must be registered in your mind from the date you buy Health insurance policy. This can be done by registering the date in your mobile as a reminder, in the outlook in your office, or even setting up the reminder by filling up your details on the insurance company’s website (many companies do offer this facility). Your agent may assure you of a reminder a few days before the date arrives, yet, prepare yourself to avert a repetition of Mr Sharma’s example.
Set Reminder for Health Insurance Policy Renewal Date.
But it is not just the renewal health insurance date that is important, before your renewal policy day, there are many things you need to know one of which is the ‘No-claim Bonus’. This If you don’t claim, you get discounts on the premium or increase in sum insured. If you don’t claim within one year (that is policy period), then you are eligible for a 5% discount on the premium or 5% increase in the sum insured. Either one of them is available, depending on the company and the plan you choose.
- If you want to change your agent / broker etc
If you want to continue with the same health insurance policy, but you want to change your agent or broker, you will have to mention the reason as to why you want to change your agent/ broker and provide a ‘Mandate letter’ to the company mentioning the same. You will then be eligible for the ‘continuation benefit’.
To change Agent/Broker.
- If you want to change your company
If you are the policyholder of a public sector insurance company, and not being happy you decide to change over to a private company, in that case, your existing policy period (for instance two years) will be taken as “continuation benefit” in the new private sector company, provided you submit all the essential documents required by them. But, if you intend to change from a private sector company to a public sector one, then the continuation benefit will not be given, and the policy will be regarded as a fresh policy.
Renew your Health Insurance with Medimanage Now!
- Add or subtract a family member
After you have bought the health insurance policy for yourself, you may want to add one or more of your family members into your policy, or at the other side, you may want to edit your policy terms by taking a member out of the policy’s coverage. All this and more you can do on the date of your health insurance policy renewal. So, that the fresh policy renewal starts with fresh updates etc. for example, if you have bought an individual policy for yourself and your spouse, and you want to cover your mother in the same policy, then you can do it on the date of the health insurance policy renewal.
- If you want top up plans and benefits
You have two options: One, increase the coverage amount of the policy, or two, take a separate top-up policy. For instance, if you have a coverage amount of Rs. 2 lakhs, and you want to increase the same to 3 lakhs, then you can increase the same on the date of policy renewal or even take the benefit of a new top up policy where you can avail of extra coverage amounts, within specific threshold levels and conditions.
Before the date of the policy renewal, ensure that you carry with you the following documents with you.
In case of a renewal with a public sector insurance company:
If you want to continue your policy in the same branch, documents are policy renewal notice and cheque are all that needed. If you do not have a health insurance policy renewal notice, then your policy number will also do. But in case you want to change the branch and renew your policy, then your need to have a copy of your last year’s policy, the policy renewal notice, a duly filled proposal form, photographs, cheque mentioning the premium amount and a ‘Mandate letter’.
In case of a renewal with a private sector insurance company:
A policy renewal notice and a cheque mentioning the premium amount, this remains the Sme, whether you wish to continue in the same branch or move to another branch. The only extra document required here too, is the ‘Mandate letter’.
So, remember renewal insurance policy is as important, if not more, as reimbursement of claims. Make sure you have a smooth policy renewal process.
Renew your Health Insurance with Medimanage Now!
