When you purchase a health insurance plan, it comes with a fixed tenure. Once this period is over, your policy expires or becomes inactive. This means you are no longer covered by your policy. Thus, if you want to continue the coverage, you have to renew your plan within the given timeframe.
But what are the steps to renew expired health insurance? That’s what you will discover in this blog. We will outline the detailed ways to renew health insurance along with some important factors to consider at the time of policy renewal.
Keep reading!
How to Renew Expired Health Insurance Policy?
At Reliance General Insurance, we offer a simple and quick process for health insurance renewal. You can renew your policy online in minutes on our website. Alternatively, you can also use our easy-to-use mobile application, Self-i, to renew your existing plan. Let’s discuss both ways to renew expired health insurance at Reliance General Insurance.
Via Website
Step 1: Visit our
Homepage and go to the “Renewal” tab.
Step 2: Select “Renew Health Insurance” or “Renew Health Infinity Insurance.”
Step 3: Enter your policy number along with the expiry date. If you don’t remember your policy number, enter your mobile number and get an OTP.
Step 4: Follow the instructions to adjust your premium and renew your policy.
Via Self-i Mobile App
Step 1: Download and Install the
Reliance Self-i app on your mobile phone.
Step 2: Register with your contact number or Google account.
Step 3: Log in with your credentials or mobile OTP.
Step 4: Select “Insta Renewal” from the given options.
Step 5: Enter your policy number and renewal date. Alternatively, you can scan the given QR code on your policy papers.
Step 6: Click “Go” and follow the instructions to renew expired health insurance.
Documents Required to Renew Health Insurance Policy
To renew your health insurance plan at Reliance General Insurance, you only need two things: your mobile number and your policy number.
Yes. That’s the only requirement to renew health insurance.
Things to Keep in Mind at the Time of Policy Renewal
Re-assess the Coverage Requirements
To begin with, here is the most important thing to keep in mind when renewing your health insurance plan.
Instead of blindly selecting the policy renewal option, take enough time to review your coverage needs. It is very important because there is a chance that your coverage requirements may have increased over the period.
This is the time when you can make necessary adjustments, such as increasing the sum insured and adjusting premiums and deductibles, among other things. This simple but mindful step will help you renew your policy and enjoy sufficient coverage as per your requirements.
Buy Useful Add-ons
Add-ons are surely the best way to enjoy dedicated coverage with your existing health insurance policy. If you want to enhance your policy coverage, then consider buying health insurance add-ons such as Critical Illness Rider, Room Rent Waiver, Maternity Cover, Hospital Cash Cover, and more.
While these add-ons cost a little extra, they are totally worth the extended coverage they offer. You can use to estimate your premiums after making the necessary adjustments.
Explore Other Plans
Don’t forget to explore other health insurance plans before going for your policy renewal. A good idea is to compare multiple plans with your existing policy to check if it offers adequate coverage.
If not, it is advisable to switch to a more comprehensive health insurance plan that aligns with your requirements and budget.
Look for Discounts
One of the biggest perks of timely policy renewal is that you can avail yourself of the benefits and impressive discounts you have accumulated over your previous tenure.
These rewards can help you lower your premiums significantly at the time of renewal. Some of the most popular rewards you can get with Reliance Health Insurance renewal include no-claims bonus, cumulative bonus, online policy purchase discounts, etc.
Check the Terms and Conditions
The terms and conditions of a policy may change over time. So, whether you are planning to renew expired health insurance or purchase a fresh plan, don’t do it without understanding the policy terms and conditions well.
What Happens if I Don’t Renew My Health Insurance?
We have discussed how you can renew an expired health insurance policy online. But are you still wondering
what happens if I don’t renew my health insurance?
There can be multiple consequences of not renewing your health insurance policy in a timely fashion. Not only do you lose your coverage, but you also lose all the policy renewal benefits and rewards you are entitled to.
Below are the main consequences of missing health insurance renewals:
Rejection of Claims
Emergencies can strike anytime, regardless of whether your policy is running or has already expired. If you raise a claim after the expiry of your policy, it is most likely to get rejected.
This means you will have to pay for your medical expenses out of pocket. Not only does it cause a lot of inconvenience, but it also imposes a significant burden on your bank account.
Lost Bonuses and Rewards
If you fail to renew expired health insurance on time, you lose all the bonuses and rewards that you have gained during your policy period. It goes without saying that such discounts are the key to reducing your policy premiums at the time of renewal.
Face Higher Premiums
Once your policy gets deactivated and the grace period is over, you can not reinstate it. You have to purchase a new health insurance policy which can incur high premiums.
Serve Waiting Period Again
The higher premium is not the only disadvantage of missing policy renewal. You have to go through the entire policy purchase process, such as serving the waiting period, undergoing pre-medical screenings and so on.
To avoid the aforementioned consequences, it is extremely important to renew your health insurance plan on time.
Conclusion
Health insurance renewal in a timely manner is important to ensure continuous coverage and gain benefits from the rewards you have accumulated during your policy tenure.
We have discussed the easy ways to renew expired health insurance online via Reliance General Insurance website and our easy to use Self-i mobile application.
Before renewing your expired policy, make sure to implement the tips we have shared to ensure efficient coverage during your upcoming tenure.
Want to purchase a new
health insurance policy? Contact us!
Frequently Asked Questions
When should I renew my expired health insurance policy?
Ideally, you should renew your policy before it expires. You can find the expiry date or policy renewal date on your policy documents. Make sure to stick to these dates to avoid any interruptions in your coverage.
Can I get discounts when the policy is renewed?
Whether or not you can get discounts at the time of policy renewal depends on your insurance provider. If you have a policy from Reliance General Insurance, we offer attractive discounts and benefits such as no-claims bonus, cumulative bonus, etc., when you renew it.
What is the penalty for not renewing health insurance?
Most insurance providers offer a grace period during which you can renew and reinstate your health insurance plan without facing any trouble. This grace period starts from the day your plan expires and ends anywhere from one day to a month.
If you miss your renewal within this grace period, your policy will be deactivated, and you will have to purchase it all over again. You may also miss benefits such as cumulative bonuses and face hefty premium rates.
Can I change my plan at the time of policy renewal?
Yes. If you are not satisfied with the coverage of your existing health policy, you can change it at the time of your policy renewal. Besides moving to a new plan, you can make many other adjustments if you want.
These include adjusting the sum insured, premiums, deductibles and copayment percentage, adding/removing add-ons, adjusting the number of covered family members and so on.