What to Do If Health Insurance Policy Renewal Date Is Missed

If you wish to continue availing the benefits from your health insurance policy, then ensure that you renew it on time. In case, the policy premium is not paid on time, you will no longer be able to claim your cover. Always remember to renew your policy before the due date to continue taking the benefits of your insurance cover.

For instance, if you have taken Religare health insurance, and the due date is December 1st, then make sure that you start initiating Religare health insurance renewal follow up at least 15 days before the due date, to ensure that your insurance policy remains in force.

But there is a relief, in cases where customers fail to pay their premium on time or miss out on their due date; the insurer provides them with a grace period of 7 to 15 days. The grace period is inclusive of both working and non-working days. And, if you happen to miss out paying your premium within the grace period, then your policy will surely be lapsed.

In case your policy gets lapsed?

It’s only you, who will have the face the consequences in case your health insurance policy gets lapsed. You will have to begin with process just like you did it for the first time. You will not be able to take the No Claim Bonus, if you have earned it on your previous policy. It would mean starting again from the scratch. Apart from this, you will have to wait for another couple of years, before you can start availing the insurance claim and cover on your risks.

How you can avoid your health insurance policy from getting lapsed

Amid the sedentary lifestyle, buying a health insurance policy has become inevitable. It not only gives you cover from health risks but also saves you from medical expenses that come along with it. If you don’t want to face the trouble of renewing your lapsed policy, you can follow the below mentioned tips - 

• If you do not want your policy to lapse and continue to get the risk cover, try putting on a reminder for your payment at least on month before the due date.
• There is an option of auto debit from your account. If you opt for auto debit, the premium amount will get deducted from your bank account on or before the due date.
• Nowadays insurance companies are also active, they would call their customers on their own to remind them about their health insurance policy renewal or payment of premium on the policy. They would call you one month or 15 days before the due date. Those who still miss it out can take advantage of the renewal period for policy renewal and save themselves from policy being lapsed.
• You can check if your insurance companies have themselves linked to certain banks, which allows you to pay them premium through banks ATMs. You can save time, effort and trouble of policy being lapse, if you are given this convenience.
• All of us are using smartphones, you can check reminder emails and messages which you insurer would send you, for you to be able to renew your policy before due date. These reminders save you from your health insurance policy getting lapsed. For example, if you have bought Religare health insurance policy, they would send you email with subject line Religare health insurance renewal, so that, as soon as you look at the email, you can open and read it without missing on it.

Renewal of Health Insurance policy

There are certain ways to renew your lapsed health insurance policy- 

1. Ordinary renewal of your policy: If you get your policy renewal done within 6 months from your policy being lapsed, you just need to pay the interest and there is no need to undergo health checkups. The interest will be calculated from the date your health insurance policy commenced.
2. Non-medical Renewal: If you are renewing your policy on non-medical basis, in that situations you will get a lesser amount that your promised limit, of non-medical assurance, which you have taken.
3. Medical renewal: If you fail to renew your policy under the above mentioned conditions, then you can take the medical renewal. It is mandatory to undergo medical examination and tests.

Before you go for a renewal or miss out on your due date or you have your policy getting lapsed, it’s advisable that you consult your health insurance provider. They will help you out of the situation and guide you about different ways through which you can get your policy renewed without much trouble and on time. Though, the above mentioned tips will help you out, in case you miss your health insurance renewal.