Getting a medical insurance coverage for the protection of your loved ones is a smart step taken in the fitting path. However, you should additionally bear in mind that in your coverage to provide you steady protection and stay legitimate, you want to renew it earlier than the expiry of the coverage.
Rakesh Jain, CEO, of Reliance General Insurance, says, “With online facility provided by most of the insurers, the entire process of renewal has become quick and convenient.”
Here are 5 issues it’s best to take into account when renewing your medical insurance;
Renew your coverage well timed
Renew your coverage earlier than the expiry of the present coverage. In any circumstances, in case you have missed it, do keep in mind that normally there’s a 30-day grace interval during which should you renew your coverage you don’t lose your continuity profit. However, for this era, which is the coverage finish date to the renewal date, you and your loved ones might be uncovered.
Jain explains, “Lapse of the existing policy is risky, especially for those with pre-existing medical conditions. Even though insurers send renewal reminders of the due date, the policyholder still has to ensure that the policy is renewed before the due date.”
Option to extend the sum insured
As the medical value rises yearly, you’ll be able to at all times assess the sum insured you require earlier than renewing your coverage. And if want be, you’ll be able to enhance the sum insured quantity on the time of coverage renewal. Moreover, in keeping with trade consultants, you can too improve the protection by including a top-up or tremendous top-up plan along with your base coverage.
Add a member of the family/members
There is an choice so as to add a brand new member of the family to your present coverage on the time of renewal. “One can add one’s parents, spouse or children under the health insurance protection, and can always opt for it before renewing, subject to it is on the individual cover,” says Jain.
You are additionally eligible to get taxation advantages by including relations aged 60 or above.
Consider the choice of portability
This normally is good if you’re not glad with the present coverage. If you aren’t glad with the companies of your present insurer or contemplating extra options in your coverage however not accessible within the present coverage, then you’ll be able to at all times port your medical insurance coverage on the time of renewal.
Consider the convenience of a cellular utility
Jain factors out, “Mobile applications have brought ease, speed, and transparency to insurance claim processes and settlements. Hence, it will be wise to check if one’s present insurer has a user-friendly app for quicker and transparent claim settlement.”
Having stated that, needless to say click on and importing paperwork for declare intimation, real-time declare standing monitoring, accessing all policy-related info and one-click renewal of your present coverage are vital options the app ought to have.
Source: www.financialexpress.com”