Most insurance companies in India provide online health insurance renewal facilities. Online policy renewal not only saves your time but also provides flexible online payment options. Besides, renewing your health insurance policy on time can make sure that you are never out of health coverage. A timely renewal ensures that you and your loved ones keep enjoying the benefits offered by the policy. In this article, we will explore the easy steps provided by Bajaj Allianz General Insurance Company to renew your health insurance policy.
Benefits of Renewing a Health Insurance Policy
Tax Benefits
Tax benefits can be availed on health insurance premiums under Section 80D of the Income Tax Act, 1961. By renewing your policy on time, you ensure tax savings on your premium amount. *
* Tax benefit is subject to change in tax laws
Higher Premium
A health insurance policy should be renewed before expiry to avoid paying a higher premium amount. If your policy lapses, you may have to pay a higher premium to buy a new health policy.
Uninterrupted Coverage
Renewing your health insurance policy on time is important to ensure uninterrupted coverage. If your policy lapses, your medical expenses will not be covered by the insured and you may also lose your No Claim Bonus.
Things to Remember While Renewing a Health Insurance Policy
Review Your Health Insurance Requirement
At the time of renewing your health insurance policy, you must review your insurance requirements. Check the coverage under the existing policy and add/remove any cover as per your needs. This helps in saving money, which otherwise gets spent on features in the policy that usually remain unused. *
* Standard T&C Apply
Renew Your Policy before the Due Date
You should renew your health insurance policy before its expiry. If you don’t renew your health insurance policy before the deadline, you will be provided with a grace period of up to 30 days, depending on the policy. If you fail to renew your policy during this grace period, you will be required to buy the policy afresh, without any discounts on the premiums.
Revise the Sum Insured under Your Health Insurance Policy
While reviewing your insurance requirements, you must also review the sum insured by your health insurance policy. If you feel the sum insured is insufficient, then you must increase your sum insured while renewing your policy. A higher premium might mean an increase in the sum insured.
Review the services provided by your insurer
If you feel your current insurer is not providing the services promised in the policy or their service is not meeting your expectations, you have the option of switching to another insurer. Compare other insurers, review their products, check their ratings and customer reviews before deciding. To change your insurer without losing any money, it is better to do so when your existing policy is nearing its expiry date.
Health insurance renewal is an easy process, especially when done online. One can renew their medical insurance policy online through the insurer’s website by following similar steps, such as the ones given below for Bajaj Allianz General Insurance Company:
Step 1: Visit the official website of Bajaj Allianz General Insurance Company.
Step 2: Go to the health insurance renewal section available on the website.
Step 3: Enter your previous health insurance policy number and registered mobile number.
Step 4: Check the policy details and the policy renewal premium.
Step 5: Make the payment using your credit/debit card or Net banking.
Renewing a health insurance policy online helps you save time and money that you might waste otherwise in following up with the insurance agent or visiting the insurance company. Online renewal also has benefits, such as paperless documentation, to reduce the paper mess. It also helps to maintain a digital record online. And there is also the convenience factor associated with it. You can use any device of your choice and renew your policy from the insurer’s website or app. You can renew the policy at any time of the day within minutes and without any hassles.*
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
