Niva Bupa Health Insurance Company is a private-sector insurance firm established in 2008. Previously known as Max Bupa Health Insurance Company, Niva Bupa is one of the market leaders in Health Insurance in India. With over one crore happy customers and over 10.000 network hospitals, Niva Bupa serves its clients with a wide selection of health insurance plans and products in India.
Claim settlement ratio 99.99%
NCB* 10% of SI*
PED Waiting# 48 months
Network Hospital 10,000+
Our expert advisors will assist you in the process
For uninterrupted health insurance coverage, policyholders of the Niva Bupa Health Insurance Policy must regularly renew the health plan before expiration. This way, they can enjoy the benefits of insurance coverage during an emergency. Niva Bupa policy renewal can be easily done via online or offline methods. Let’s take a look at the processes here:
If you want to get your Niva Bupa renewal via offline process, you can visit the nearest Niva Bupa Health Insurance branch and get the renewal process done by getting in touch with the POSP advisor. Alternatively, you can call Niva Bupa customer support to assist you with a home visit of a renewal agent from Niva Bupa to complete the process.
Continued Coverage – Renewing the Niva Bupa health insurance before expiration can help policyholders have continued medical coverage. Failing to renew your policy on time may result in a policy lapse, making you ineligible to raise claims.
NCB Protection - No Claim Bonus (NCB) is the benefit offered by insurers to the policyholders for not raising any claim during a policy year. By renewing your Niva Bupa health insurance before expiry, you can avail of NCB discounts on your renewal premium in the next policy year. However, not renewing the policy on time may cause it to lapse. This will cause the loss of all your NCB benefits accumulated so far.
Premium Adjustments – Some insurance companies charge greater premium amounts if a policyholder renews the policy after expiry or after the grace period. It is better to renew the policy on time to prevent the increase in premium amount. This way, you can maintain the desired premium rate.
Tax Benefits – In addition to the above, a policyholder can also lose the tax benefits availed under section 80D of the Income Tax Act if they do not renew the health insurance policy on time.
Benefits of Waiting Period - Renewing your health insurance policy before the due date is also significant to ensure the continuity of benefits of waiting periods. If you do not renew your health policy on time, it may lapse. This will require the insured to buy a new policy and to complete the waiting periods afresh before availing of the benefits of the plan.
Premium rise – At the time of health insurance renewal, a policyholder is expected to declare their present state of health condition. In case the insured has acquired a lifestyle disease or any other illness, they are expected to declare the same. However, it may enhance the policy premium amount.
To solve this issue, you may try to find a different policy with a lower premium amount. You may also limit some add-ons that you think are not required to lower the premium price of your policy.
Claim rejection – Most insurance companies do not compensate for claims raised during the period between the policy expiry date until you renew the policy. Moreover, if you fail to renew the policy during the grace period, it lapses. Hence, it is essential to renew your health plan before expiry to avail of the healthcare treatment benefits.
Keeping your health insurance policy active is important. For this, you need to pay the premium on time. Below are some points to remember to pay your Niva Bupa health insurance policy premium renewal on time and to avoid a policy lapse.
Conclusion
Every health insurance company allows a grace period of 15-30 days to renew a health policy after its expiry date. If you want to avail of the continued benefits of your healthcare coverage, you must renew your health insurance plan before the expiry of the policy or at least within the grace period. Failing to do that will cause your policy to lapse, and you will lose all the benefits, including your accumulated NCB benefits.