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5 Points to remember before renewing Health Insurance policy

5 Points to remember before renewing Health Insurance policy: In recent times the awareness about the importance of Health Insurance has spread widely. Therefore many are buying Health Insurance policies to secure themselves and their loved ones.

5 Points to remember before renewing Health Insurance policyWe cannot predict health risks and emergencies, and staying vulnerable without any medical insurance coverage may lead to physical stress and financial loss. Renewing the Health Insurance policy becomes crucial for continuous coverage.

Undeniably, Health Insurance provides a financial safety net against medical bills arising out of disease, illness or accident. Usually, a Health Insurance policy is purchased to provide coverage for a specific period like one, two or three years, also known as policy year or policy term.

Once the policy term gets completed, renewal of the policy is required to keep it active. Renewing is a simple act yet has great significance. Many of us are not aware that renewal is the best time to update their medical insurance policy.

Here are a few points to remember before renewing the Health Insurance policy.

Increase the Sum Insured

Renewals are great opportunities to increase the opted Sum Insured. Before revising the Sum Insured, it is essential to keep in mind the current medical inflation rate. If you have a Family Floater Health Insurance policy, consider the medical conditions and health risks of the family members and increase the Sum Insured accordingly.

Increasing the Sum Insured entitles the insured to get wide coverage and enhances the sub-limits as well. On further analysis, if you consider enhancing the Sum Insured, there is no better time than renewal. Also, be mindful of the premium because increasing the Sum Insured will impact the premium.

Add or Subtract Family Members

Adding or removing family members is possible during renewals. If you are buying a separate Health Insurance plan for parents, you can remove them from your Floater Health Insurance policy at the time of renewal. Likewise, you can also add your newly married spouse, newborn baby, legally adopted child, parents or parents-in-law to your policy at the time of renewal if your policy allows you to do so. Some policies from Star Health And Allied Health Insurance Co Ltd offer mid-term inclusion as well. With this the insured can add their newly married spouse and newborn baby even in the middle of the policy year.

Additional Coverage

Add-ons such as hospital cash, cancer cover, critical illness cover, etc., are additional coverage offered along with your Health Insurance policy at an additional premium. Renewals are the best time to include the necessary add-ons. Having a regular health check-up helps choose the add-ons wisely. The same goes for Health Insurance riders which are used to reduce or pass over the waiting period in exchange for an additional premium.

Consider Top-up Policy

What if the medical bills exceed the opted Sum Insured? If you have the same doubt, you can buy a top-up policy. No conditions are laid that a top-up policy should be bought from the same insurer. So, you can explore, compare and buy the best top-up health insurance plan to enhance your Sum Insured at an affordable premium. Besides, the top-up policy provides additional benefits as well.


If you experience dissatisfaction with the insurer or the terms and conditions of the policy, renewals are the right time to port your policy. Portability is the right of the insured to port their policy from one insurer to another in case of dissatisfaction. The request for porting the policy should be initiated before the renewal date, as mentioned in the policy document. The significant benefit of porting is that the continuity benefits and waiting period accumulated over the years will remain intact.

Missing the renewal makes the policy get lapsed. You do not have to bother about the reminder part, as your insurer will set reminders for you. Also, the insurance provider offers a grace period, the rescue time which is given to renew the policy by policyholders who missed out on the renewal date. However, any claim intimated during the grace period will not be admissible. Renewing and updating the policy becomes crucial to meet the healthcare needs and tackling the rising medical inflation rate.

CP Singh
CP Singh
I am a Graphic Designer and my company is named as CP Grafix, it is a professional, creative, graphic designing, printing and advertisement Company, it’s established since last 12 years.


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