5 Tips for Renewing Your Health Insurance By CEO Rakesh Jain

Published By: Financial Express ​

Published Date: 03-05-2022

Health insurance renewal is now quick and convenient thanks to online services, says Reliance General Insurance CEO Rakesh Jain. Here are five essential tips to consider when renewing your policy:

First, renew your policy before it expires. While there's typically a 30-day grace period that preserves your continuity benefits, you'll be unprotected during this gap. This is especially risky for those with pre-existing conditions.

Second, reassess your sum insured amount annually as medical costs rise. You can increase your coverage during renewal and consider adding top-up or super top-up plans to your base policy for enhanced protection.

Third, renewal time offers the opportunity to add family members to your policy. Including parents, spouses, or children provides them with health protection. Adding family members aged 60+ may also offer tax benefits.

Fourth, if you're dissatisfied with your current insurer or seeking additional features, consider porting your policy to another provider during renewal. Finally, check if your insurer offers a user-friendly mobile app. The best apps provide convenient claim processing, document uploading, real-time status tracking, policy information access and one-click renewals.

Following these tips ensures continuous protection and maximises the benefits of your health insurance policy.