How to Avoid Lapse of Health Insurance Plan

You can’t afford a lapsed policy at any cost. The moment you miss to renew your existing plan, you will be uninsured right away. The policy coverage offered by the insurer will no more cover you. So, it is mandatory to renew the health plan on time.

For instance, the due date of your Religare health insurance renewal is December 15, then you have to pay the required premium amount before December 15th to enjoy the full policy benefits.

However, it is always better to avoid the consequences. There are few ways you can avoid lapse of your health insurance. Here we go:

How Can I Avoid Lapse Health Insurance?

Health insurance plays a pivotal role in our lives. Buying a health insurance plan, one can safely make his/her plans in regarding finance. If you too own a health plan with adequate coverage, then below tips may help you keep away the trouble of renewal of a lapsed policy:

• Keeping a track of the renewal dates is the best way to avoid the consequences. You can set reminders on your smart-phone so that you don’t miss the actual day and can enjoy the policy benefits without a break.
• These days, ECS facility is quite famous among the customers, especially among the salaried persons. If you opt for ECS, a defined premium amount will automatically be deducted from your account before the due date.
• Many times, insurers send reminders to their customers when the renewal date is arriving. However, in case you miss the due date, there is a grace period which allows you to pay the premium due and enjoy the policy benefits without hassle.
• Insurance companies have tied up with various banks which provides you with the option of paying the premium via ATMs of those banks. This way you can save time and money at the same time and reduce the chances of you miss the renewal date.
• These days, smart-phones have become part-and-parcel of our lives. This 24x7-phone addiction somehow helps you as well. You can access the email or SMS anytime and hence never miss the due date of your policy renewal. Thanks to technology!

Renewal of Lapsed Health Insurance Plan

By paying your outstanding amount, you can continue with a regular health policy. Sometimes, you may undergo medical check-ups. Below are the ways you can revive a lapsed policy:

• Ordinary Renewal: If you are able to renew the policy within six months from the date it lapsed, then no health check-up is required. You just need to pay the outstanding amount along with a defined interest. You will pay the interest on the date your policy was initiated or came into force.
• Renewal on Non-Medical Basis: In case you want to renew the policy on the non-medical basis, then the renewable amount will be less than of the assured non-medical limit already purchased by you.
• Renewal on Medical Grounds: Only if you fail to revive your policy on the above-mentioned grounds, you can opt for this last option. The amount to be renewed under this process is decided only after a proper medical check-up.

It is wise to discuss with the insurer or an agent before taking any decision and find the best way out. 

However, policy renewal is not a good approach. Hereby, understanding it thoroughly will help you remain tension-free whenever you required to.