3 min read
Updated on Nov 17, 2022
A health insurance cover has become mandatory in today’s age. If you don’t believe me, consider the medical costs. Medical inflation is at an all-time high and the costs have become unbearable for the common man. In such cases, if you or your family member falls ill and is hospitalised, the medical bills have the potential of wiping out your entire savings. A health insurance plan protects your savings from this potential financial disaster. It pays for the medical costs and saves your money. Unlike life insurance plans which come for a longer tenure, health plans are annually renewable plans. If you want to enjoy the security offered by a health insurance plan, you have to renew it annually. Do you know how to do it?
Many of you are not familiar with the health insurance renewal process. Especially with the progress of the online medium which allows you easy renewal process, many of you feel confused. So, here is a step by step guide to the online renewal process of your health insurance plan:
The first and foremost step is to visit an online platform to compare the available health insurance plans. While you might stick to your current insurance provider comparing is always recommended to find whether there are other plans available in the market which are better than your existing health insurance plan. Visit the website of a reputed insurance broker or aggregator, fill in your requirements and view the plans available. Understand the coverage features vis-à-vis the premium offered. If you find a better plan, port your existing health insurance plan to the new plan. Porting should be done at least 45 days before the policy renewal date by submitting a porting request with your current health insurance provider.
If you wish to continue with your current health insurance company, follow the below-mentioned steps:
If your renewal date has passed you are allowed a grace period of 30 days within which you can renew the policy and ensure a continuous coverage. Renewal during the grace period is also done using the above-mentioned steps. So, understand the steps and renew your health insurance plan regularly for a continuous coverage.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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