How to Renew Health Insurance Policy After Expiry?

With the rising medical costs in India, health insurance policies are an important investment. However, it is very important to remember that health insurance plans are usually only valid for one year and need to be renewed annually.

Renewing will also give you the opportunity to change your coverage, choose add-ons, or adjust the sum insured by the plan. But, if you fail to renew the policy on time, it will lapse. In such cases, what can you do to ensure that you have coverage? Can you renew your health insurance policy after its expiration?

Continue reading to unravel these concerns.

Yes, renewing health insurance after expiry is possible, but it depends on the insurer's policies. Once your policy has expired (and you have also not paid the premium within the grace period), it becomes inactive. This means that any claims you file after the expiry will be rejected.

And, when your policy lapses, many insurers will ask you to begin the process of buying a fresh health insurance cover from that start. However, while a few insurers will also let you revive your expired policy, there is no guarantee it will be allowed.

There are many benefits to renewing your health insurance plan before it expires. These include:

1. Continuous Coverage

you will have uninterrupted coverage and be protected in case of any unforeseen medical emergencies.

2. Waiting Periods Will be Completed

if you have completed the waiting periods from your policy, they will continue to be in effect, and will not get lapsed with your policy.

3. Maintain Your Cumulative Bonus

for claim-free years, you will get a cumulative bonus upon renewal, but this will be lost in a lapsed policy.

4. Keep Your Premiums Low

a lapse in your policy can result in higher premiums than if you renew the policy on time.

5. Income Tax Benefits

paying a health insurance premium on time means that you can claim tax benefits and returns under Section 80D of the Income Tax Act.

The following are the consequences of not renewing your health insurance policy on time:

• If your health insurance is renewed promptly, you can avoid losing coverage continuity, which may result in medical and financial hardships if an urgent need arises.
• Additionally, insurers might refuse to cover ongoing treatments due to pre-existing condition exclusions.
• Reinstating a lapsed policy could increase premiums and impose waiting periods for certain benefits.
• Not renewing on time can significantly impact both your financial resources and the effectiveness of your health insurance coverage.

Most insurance companies offer a short grace period of 7-30 days after the end of your policy period. This period provides you with a window to renew your policy and keep its continuity benefits such as cumulative bonus, and waiting periods.

However, as the policy coverage has ended, during this period you will not get any health benefits, meaning that if you make a claim for any medical emergency or hospitalization during this period, it will be rejected. You will have to bear all the healthcare expenses out of your pocket.

If you fail to renew the policy on time, it will expire, you will cease to have health coverage and the cumulative bonus and the waiting periods from your previous policy will also lapse. But, there are some things you can do:

1. Revive Your Lapsed Policy

Some insurance companies will allow you to revive the lapsed policy by paying the outstanding premium amount, with added interest. In this case, you might have to undergo a number of health check-ups to clarify the state of your health before the insurer reinstates your policy.

2. Buy a New Policy

In many cases, you cannot renew your old policy, and you must buy an entirely new policy, either from the same insurer or a different company. This policy will not include any continuity benefits like bonuses, and you will have to complete all the required waiting periods for pre-existing diseases, maternity benefits, etc. again from the start.

Additionally, since your premium will be calculated from scratch, it will be higher. This is because of the lapsed policy, and the fact that you will be older than when you bought the previous policy.

If you have to validate the status of any expired health insurance policy, the process needs to be clearly understood. Following are some of the methods to check the status of your expired health insurance policy:

Step 1

Online Portal: You can visit your insurance company’s website or mobile app and go to the ‘My.  Policies’ or ‘Policy Status’ sections to check whether that expired policy is still up for renewal.

Step 2

Customer Service: Call your insurance company's customer service number, tell them your policy number, and ask them for information on your expired policy.

Step 3

Visit a Branch: Proceed to the nearest office of your insurance provider, and an agent will help you check the status of your policy and renewal possibilities. Visit with the following documents:

• *Health Policy Documents
• *PAN Card
• *Aadhaar Card

*Mandatory Documents

Some insurance companies will allow you to revive the lapsed policy by paying the outstanding premium amount with added interest. In this case, you might have to undergo a number of health check-ups to clarify the state of your health before the insurer reinstates your policy.

In cases where the policy has lapsed due to failure to renew during a grace period, most health insurance policies can still be made active again. There are several ways to bring back an inactive health policy, which includes the following:

1. Ordinary Revival

Under this option, you can revive within six months from the date of policy lapse. There is no need to undergo any health check-up. You can pay the outstanding premium along with the interest. The interest paid is subject to the date when your policy came into force.

The hue hrm will allow lapsed policy renewal after some time from the active policy date. There will be an extended period within which the past due amount, including any extra charge, will be paid. This approach will be simple and reasonable because no additional documents or health checkups are typically needed.

2. Revival on Non-Medical Grounds

This is where the policy has almost expired and a particular grace period has existed; the insurers may allow for revival without a medical examination. The revival amount is less than the promised limit for the non-medical assurance that you bought.

All substantiated costs and a nonmedical upgrade of the loan, any way possible, must be made. Swift of Medical uses reasoned policy promotion and a body decree statement to promote policy engagement.

3. Revival on Medical Grounds

Opt for medical grounds when you fail in ordinary revival and revival on non-medical grounds. The revival sum under this condition is decided only after the policyholder undergoes a medical test which can warrant higher charges from the insurance company.

This involves a situation where the policy has lapsed for a longer time. When the insurer convinces it that such an examination is necessary, a medical policy examination must be carried out. These terms of insurance are the latest since medical reports may warrant higher charges from the insurance company.

4. Revival with Penalties

Sometimes, the policyholder can revive a lapsed policy, but with penalties. Some companies impose higher premiums, tighter restrictions, or cut back on available benefits. This happens when the lapsed policy has been dormant or the policyholder has a record of lapsed policies.

Here’s a step-by-step guide for renewing your expired health insurance policy through different methods:

1. Renewal Through Website

To renew an expired health insurance through the website, follow these steps:

Step 1: Go to your insurance company's official website and sign in using your user ID and password.

Step 2: Go to the " Renewals " section or "My Policies" section to check for your lapsed policy and enter the details of the expired period policy.

Step 3: Review and edit your personal information, preferably your parents, beneficiaries, and coverage selections.

Step 4: Look at the premium amount and check if there are any additional charges for the penalties or fees.

Step 5: Pay the due amount through the available options such as a credit card, debit card, or net banking.

Step 6: If the payment has been completed successfully, the renewed policy will be sent to you through your email for download and is to be saved.

2. Renewal Through Mobile App

Renew your expired policy through the mobile app with the following steps:

Step 1: Download and open the app. Check whether you have installed the mobile version of your insurance service provider with the latest version.

Step 2: Log in to your account with a unique email ID and password to see your policy details.

Step 3: Go to the policies section and click on the expired one to bring up the renewal option.

Step 4: Review your policy details and make sure to change the areas that need to be changed, like the address and other contacts.

Step 5: Review the premium and pay. The Renewal premium amount includes any timely charges incurred after the due dates.

Step 6: After payment, a message with your renewed policy document will be sent to you as an attachment and reflected in the app.

3. Renewal Offline

To renew your expired health insurance offline, follow these steps:

Step 1: Visit the nearest branch with all your necessary documents like the expired policy, ID card, and the mode of payment in advance.

Step 2: Meet and communicate with an insurance representative who will help and explain what you need to do for the renewal process.

Step 3: If renewal forms exist, complete the necessary personal and current policy details to update your records.

Step 4: Pay the renewal premium by cash, check, or other means accepted in the branch.

Step 5: The agent shall hand you the renewed policy completion documents after processing them, which should be safeguarded.

A brief overview of documents that may be needed for the renewal of a health policy is mentioned below, and these documents can make the renewal process faster and easier:

Here are some tips to ensure that you never forget to pay your health insurance premiums on time and avoid a lapse in your policy:

• Keep track of the expiry date and the date for renewal by setting a reminder on your phone or laptop.
• If you wish to continue with the same plan, you can opt for an auto-payment, where the premium will be automatically deducted from your bank account.
• Check your SMS, email, and spam folder in case your insurers have sent reminders regarding premium payment for renewal.
• Opt to get your insurer’s smartphone app, where you can complete the renewal process wherever you are and even on the go.

Health insurance policies are a safeguard against financial setbacks while getting medical care. Thus, it is important to ensure that you have continuous coverage in case of any medical emergency. You can only do so by ensuring that you renew the policy on time each year.

While you can continue to have health insurance even after it has expired, you will end up paying a higher price and will not be able to avail yourself of all of its benefits.