Tips before renewing medical insurance

When it comes to your hard-earned money, you are generally conscious of the products you buy. Whatever we shop, it is done with deliberation and care. We ultimately buy something that meets our requirements and comes at a competitive price, thanks to multiple sellers who offer us the benefit of comparison.

Similarly, competition is high with varied companies entering the fray when it comes to health insurance. Every plan is packed with features, and choosing the right policy feels like rocket science. Some plans protect your entire family, and others are targeted at individuals. You purchase them for a fixed period and should get renewed as the due date approaches.

The renewal of medical insurance is simple and hassle-free. With the following tips, you should get done in a jiffy:

Expiration date

If you do not pay your insurance premium within the expiry date, the companies give a 30-day grace period. However, the company does not offer any insurance cover during this phase. You could also lose out on lifelong renewability under the IRDA health laws. Plus, you miss out on the credit waiting period for pre-existing illnesses and specific diseases and the tax benefits under Section 80D of the Income Tax Act.

Although the insurance companies send reminders before the due date, they are not bound to do so. Hence, you should have proactive reminders in place.


You can do renewal offline or online health insurance. For doing it online, you need to visit the portal, fill in the necessary details, and submit the form online. If you want to renew them offline, you must visit the nearest branch.


You can change the company during the renewal process if you are unhappy with the current insurer. Compare all the options available in the market. Check the coverage they offer at a minimum premium and the features they include. The additional benefit of changing the company is getting a pass on the waiting period, and you do not lose out on the No Claim Bonus (NCB).

Family requirements

Before you make further changes to your medical insurance policy, check the needs of your family. Over the years, your family might have seen several ups and downs. Consider some add-ons after your assessment.


It is ideal for informing your company about any new ailments which you might have diagnosed recently. They help you with an appropriate health policy in India that covers your new illness.

Revise sum insured

You may want to increase the sum insured within the policy limits. This, nevertheless, is not an essential criterion. If you seek to go beyond the insured limit, you could opt for a top-up policy. The new sum insured may have a waiting period, and the company asks you to undergo some new tests.

Terms and conditions

The health insurance renewal document might have new terms and conditions. Be vigilant and careful while reading it. Check if the papers have all the discussed.


Make sure to inform your family members about the new policy. This ensures all of you are on the same page, and the claims do not get wasted. Since you will claim a tax benefit on the premium, it is better to take a printout of the acknowledgment and add it to your tax file. This comes in handy for the future.

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