Why Renewal of Medical Insurance Policy on Time is a Must

Some people prefer to pay for mediclaim insurance despite its benefits limited to meeting expenses resulting from domiciliary care and hospitalisation. By opting for a medical insurance plan, the insured can either claim reimbursements pursuant to the expenditure stemming from treatment at a hospital or opt for a cashless procedure in which the insurer makes payment to the hospital directly. To continue availing its benefits, renewal of the medical insurance plans are important. Renewal of mediclaim policy can be done both online or offline. If you are unhappy with your current mediclaim policy, you may consider renewing your policy with another insurance company.

mediclaim insurance image

Considering the vast reach of the internet these days and the ubiquity of portals sharing details of various insurance policies, it is not difficult to compare details of policies and choosing the one as per needs and requirements. Moreover with each company updating its security process regularly, potential customer can log on to their websites, fill in the details to apply for the best mediclaim plan available. Most people tend to compare only the premiums of the policies without looking at the sum insured in addition to other necessary details. The best medical insurance is the one that covers maximum expenses at nominal costs.

Why Must You Renew Your Mediclaim Policy on Time?

Even if you may be paying for the best mediclaim policy in India, the consequences of not renewing the policy are always the same as in others.

  • Non-renewal of the existing policy on time will result in having to invest in a new policy, thus, resulting in payment of high premiums;
  • Comprehensive coverage for any pre-existing disorder may not be available on non-renewal of the policy on time as any insurer provides necessary cover for any pre-existing illness only if the policy is renewed on time. In addition, the policyholder may miss out on benefits including No Claim Bonus (NCB).

It is always advisable to keep oneself updated about the policy renewal date. Though every insurance company allows a grace period during which one can apply for renewal of the policy, maintaining proper records of insurance policies and their due dates ensures timely renewal.

Leave a Reply

Your email address will not be published. Required fields are marked *