How to renew your health insurance policy online
How to renew health insurance policy online

Livewell: Health Insurance & Wellness Blogs | Max Bupa

How to renew your health insurance policy online

Max Bupa

11 November 2020

A health insurance policy can provide you with financial safety in case of a medical emergency. It can provide coverage for the medical bills and expenditure in case of hospitalisation due to any illness or accident. If you have availed a critical illness insurance policy, then you can be reimbursed for the huge medical costs, in the case of being diagnosed with specified life-threatening medical conditions, like cancer, paralysis among other conditions. 

According to government data, medical costs have increased by more than 15% in the recent past. The medical costs on hospitalization and treatment of critical illness is expected to increase exponentially in future. With rising hospital expenses, it becomes important to secure yourself against financial losses, in case of an unforeseen medical emergency. You must always remember to renew your health insurance policy within the stipulated time period, as a claim arising out of a lapsed policy will not be honoured by any insurance company. 


Why Renew Health Insurance Policy?

It is imperative to renew health insurance plans within the stipulated time period as an expired policy will not provide you with any benefits. Apart from refusal of claims, you will also lose on continuity benefits like waiting period for pre-existing diseases, and No-Claims Bonus (NCB). Typically, insurance companies send reminders via email/ phone calls/ SMS. Along with keeping a close eye on these renewal notices, you can also set reminders on your smartphone or calendar. If you find that your policy has lapsed, you can check with the insurer for a grace period, which usually ranges from 15 to 30 days. With the advent of the internet, you can now renew health insurance online from the comfort of your home. If you are not satisfied with the existing health insurance plan, or want a policy with better features, you can compare health insurance plans online, and select the best. 


How to Renew Health Insurance Policy Online?

You can renew health policy online in these five simple steps:


Step 1:

Visit the insurance company’s transaction webpage and provide your policy number


Step 2:

Provide your date of birth. In case of family health insurance plans , you can provide the DOB of any of the insured family-member.


Step 3:

Click submit to receive your annual health insurance premium.


Step 4:

Now click on the pay button and make the requisite payment through your debit/credit card/net banking.


Step 5:

Once your payment is successful, you will receive a policy transaction number along with the link to fill your complete application form. Your policy is issued only when you complete the application form. 


Things to Know Before you Renew Health Insurance Policy :

While there are a wide slew of benefits of health insurance plans, you must consider the following at the time of renewal:


1. Health Policy Portability : 

Before you renew your health insurance plan, you must review your existing policy. If you are not satisfied with the services provided by the existing insurance company, you can switch to a different insurer, without losing any benefits. This is known as portability of health insurance plans


2. Check for Cumulative Bonus:

When you renew health policy, you must check if you are eligible for cumulative bonus or No-Claims Bonus (NCB). This accrues in the form of discount in premium payment, provided you have not made any claims in the previous policy period.


3. Revision of Sum Assured :

To have a robust health insurance plan, you must have an optimum sum assured. At the time of renewal, you can request for a revision in the sum assured, if your lifestyle requirements have changed or you have added new family members under the family health insurance plans.


4. Addition or Deletion of Family Members :

If you have invested in a family health insurance plan, then at the time of renewal, you must check whether you need to provide coverage to any new family member. This can be a new-born baby, or your retired parents. You can also choose to delete an existing family member, like an adult child, from coverage.  



Thus, buying a health insurance policy is a must if you want to protect yourself and your loved ones from an unforeseen medical emergency. However, buying a policy is not enough. You must always remember to renew health insurance policy within the mandated time period. While purchasing a health policy, remember to choose a trusted and reliable insurer, who can provide a policy with manifold benefits.


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