5 min read
Updated on Aug 24, 2023
Over the past few years, the health insurance sector in India has evolved significantly. To fulfil multifarious requirements of customers, insurers have introduced many new features to both individuals as well as group health insurance plans. Although the awareness about health and wellness has grown and people are trying to incorporate a healthy lifestyle, still medical emergencies can’t be avoided altogether. And unfortunately the cost of medical treatment is soaring every year. Thus, everyone should opt for the right health insurance policy so that they can stay protected against various diseases and also, the surging costs of healthcare.
Health insurers have now come up with a new policy feature called lifetime health insurance to avoid hassle and high premium costs. Here, we are going to unravel what is lifetime renewability in health insurance and how it contributes in the field of health insurance in a big way.
According to the rules of IRDA, every Indian health insurer should offer a competitive health insurance plan to all policyholders, irrespective of their age. The minimum entry age can go up to 65 years. But, unfortunately, most private health insurance providers are not equipped with such an age limit. The state-owned general insurance companies set the maximum age limit up to 65 years so that everyone can enjoy the benefits of health insurance. According to IRDA rules and regulations, it is compulsory for all health insurers to offer lifetime health insurance policy plans (lifetime renewability). With lifetime health insurance India, a policyholder can initiate a claim at the time of hospitalization and also avail of the facilities of health insurance even for the lapsed policies (fail to renew policies on time).
After the approval for an insurance policy, a policyholder can renew the policy for a lifetime to avoid the hassles of yearly renewal. This feature can also be valid even if a customer raised a claim in the previous year. For lifetime health insurance plans, an insurer can’t reject the renewal of the policy. If the insurance company denies the renewal of health insurance, the company needs to give a valid reason in writing to the policyholder.
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The introduction of lifetime health insurance or the lifetime renewability feature brings a smile to all senior citizens of India. Lifetime renewability health insurance is particularly beneficial for senior citizen healthcare policyholders. Due to their age and delicate health conditions, senior citizens need to pay higher premium amounts. Since they are susceptible to various diseases, hence the risk is also high. They may not get adequate coverage from health insurance policies.
But with a lifetime health insurance policy India, the insured policyholder can lead a stress-free life as the policy will be renewed lifelong without any age limitation. This lifetime medical insurance lessens the burden of financial pressure on these senior people in case of emergency hospitalization. The costs of healthcare expenses are increasing like anything. To combat all healthcare requirements and medical costs, the lifetime renewability feature has become a necessity these days.
Also Read: Long-Term Health Insurance and its Benefits
Now, IRDA has made this compulsory for all health insurers to offer guaranteed lifetime renewability features to their health insurance plans. We may expect the below-mentioned things from this pro-customer move.
With the introduction of new features like lifetime renewability, people are getting more inclined towards various health insurance policies. But don’t make any purchase without comparing various health insurance plans. Check the policy wordings (inclusions and exclusions) thoroughly. Don’t give priority to the premium amount, rather consider all features before purchasing a health insurance policy. Contemplate all your healthcare requirements and then only purchase the most suitable health plan for your future.
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