Things to Consider While Renewing Health Insurance Policy

02 Jan 2022|

1 min read |

by ICICI Securities Team

Introduction

Renewing your Health Insurance Policy is undoubtedly a stressful affair. You need to check the renewal terms carefully and do it on time to enjoy continuous coverage. Here are a few things to remember before you renew your Health Insurance:

Aspects to Check before Renew Health Insurance

Review family health needs

Was there a new addition in your family recently? Was anyone diagnosed with a severe illness such as high blood pressure or diabetes off late? Before you proceed with the Health Insurance Policy renewal, check if the Insurance requirements of your family have changed. This helps you to increase or decrease the coverage.

Declare new illnesses

Changes in the underlying health conditions of Health Insurance Policy beneficiaries directly impact the coverage. Hence, complete disclosure is a must at the time of renewal to avoid any hassles while raising claims. It is best to carry out a full-body check-up of everyone covered under the policy before Health Insurance is up for renewal. This assists you to opt for additional coverage if needed.

Increase the sum assured

There is no denial of the fact that healthcare costs are rising every day. Therefore, make a realistic assessment of whether the current sum assured is sufficient for the future claims that might arise. If you have any planned medical expenses coming up after the renewal, it is wise to consider and check whether you need to increase the sum assured. The last thing you want is to continue with a policy that may not cater to your needs.

Check the network hospitals

If you want to avail of a cashless facility, you need to receive treatment in one of the network hospitals of your Insurance provider. Having a network hospital closer to where you live is a good idea to avoid unnecessary travel during a medical emergency. Make sure to ask your Insurance service provider for their current list of network hospitals before you opt for renewal.

Multi-year premium availability

If you want to avoid the hassle of renewing your Health Insurance annually, check if renewing the policy after every two to three years is possible. Most providers offer attractive discounts for such renewals, which makes it lighter on your pocket. New Insurance companies and policies are cropping up every year. Before it is time for renewal, ensure to get the market's pulse to check if you can get better protection than your current policy.

Additional Read: Does Life Insurance in India cover deaths due to Coronavirus?

Conclusion

A new Health Insurance Policy with additional benefits and more coverage might be better than renewing your old policy with insufficient coverage. Also, read the documents carefully and clarify your doubts. No one wants to face last-minute surprises while raising a claim under the policy.

Disclaimer

ICICI Securities Limited has its registered office at ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, India, Tel No:- 022 - 2288 2460, 022 - 2288 2470. The non-broking products / services like iLearn and Financial Learning are not exchange traded products / services and ICICI Securities Ltd. is just acting as a distributor/ referral Agent of such products / services and all disputes with respect to the distribution activity would not have access to Exchange investor redressal or Arbitration mechanism. iLearn is not an exchange traded product/service of ICICI Securities Ltd. All disputes with respect to the activity on the platform would not have access to Exchange investor redressal or Arbitration mechanism.

ICICI Securities Ltd. is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. ICICI Securities Ltd. is a SEBI registered with SEBI as a Research Analyst vide registration no. INH000000990. Name of the Compliance officer (broking): Mr. Atul Agrawal, Contact number: 022-69997051, E-mail address: complianceofficer@icicisecurities.com Investments in securities markets are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. ICICI Securities Ltd. and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Such representations are not indicative of future results. The securities quoted are exemplary and are not recommendatory. AMFI Regn. No.: ARN-0845. PFRDA registration numbers: POP no -05092018. ICICI Securities Ltd. acts as a Composite Corporate agent having registration number -CA0113. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Please note, Mutual Fund, Corporate Fixed Deposits, Bonds, Alternate investment funds, Tax planning, Succession planning, NPS, IPO, Investment Advisory and Loans related services are not Exchange traded products and ICICI Securities Ltd. is acting as a distributor to solicit these products. Please note, Insurance related services are not Exchange traded products and ICICI Securities Ltd. is acting as a corporate agent to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The non-broking products / services like Research, etc. are not exchange traded products / services and all disputes with respect to such activities would not have access to Exchange investor redressal or Arbitration mechanism. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose.

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