Gone are the days when only elderly people would complain about their health conditions. These days, even the younger generation has several kinds of health issues. One of the main reasons for the health problems in the young generation is stress and an unhealthy lifestyle. This leads us to visit the doctor and spend a lot of money on medicines. If there is no chance for you to get a pension after retirement, then you must save as much money as you can. And if you want to save money at the same time do not want to compromise on the medical treatment for your health issue, you can buy a health insurance policy.
When you purchase a health insurance policy, you will get coverage on several things such as pre and post-hospitalization expenses, pharmacy expenses, asthma, diabetes, etc. If you pay the medical bills from your pocket, it can cost you a fortune. However, a health insurance policy can save you a lot of money. All that you need to do is to check out all the health insurance policies available in the market and choose the one that you need. And after buying the policy, you have to keep paying the premiums consistently.
While you pay the premiums and expect all the benefits of a health insurance plan, you must keep the point of renewal of the health insurance policy in mind. Also, you can look for renewing it online to save time. When you choose online renewal, the gate to flexible payment options is open to you. Apart from this, as you renew your health insurance policy, you can be sure of getting the health cover without fail.
Benefits of a mediclaim policy renewal
As the benefits of a mediclaim policy renewal before they expire are concerned, we have a lot to talk about. Let us get started with some of them.
- No higher premium: If you renew your health insurance policy before it expires, you can save yourself from paying higher premiums. On the other hand, if your policy has lapsed and you purchase a new health insurance policy, you would be required to pay higher premiums.
- Tax benefits: Under Section 80D of the Income Tax Law, 1961, you can avail of tax benefits on renewing a health insurance policy. Therefore, you must make it a point to renew your health insurance policy before it expires so that you can enjoy tax benefits on your premium account.
- Uninterrupted coverage: If you wish to enjoy uninterrupted coverage, you should renew your health insurance policy before the last date. If you do not renew your health insurance policy on time, you will not be able to enjoy any of the health insurance benefits and may even lose your No Claim Bonus.
Things to consider as you renew your health insurance policy
Health insurance policies should never be taken so lightly. This is one of the things that can save us from paying skyrocketing medical bills. However, when you renew a health insurance policy, you must keep certain things in mind. Here are some of them:
Renew your health insurance policy before the due date
You must renew your health insurance policy before it expires. You may or may not get a grace period, depending on the health insurance policy. If there is a grace period and you do not renew the policy even in that period, you will lose all the benefits of the policy as the policy will lapse.
Reviewing the needs
While you renew your health insurance policy, you should review all the things that you need. You can add or remove the coverage under your policy. You can also add a family member at this point.
Revising the sum insured
If you feel the sum insured in your health insurance policy is less, you can increase while renewing your policy.
To find more information on the renewal of health insurance policies, you can visit the IIFL website. And while doing so, you can also take a look at the several health insurance policies available.