As per recent reports, Indian medical inflation is rising at the speed of light. The number is mindboggling. In 2021, India experienced the highest medical inflation rate, at 14%, among the highest in Asia. Does the question arise of how to tackle inflation? Who will pay huge medical bills? The best possible answer to the situation is buying health insurance. Many health insurance companies in the market offer health plans at a lower premium, and the result is positive. There is a growth of 25% despite the inflation.
The people of India are buying medical insurance. However, there is a lack of awareness among people about renewing health insurance. Hence, when it comes to claiming health insurance, little do they know that their health policy has lapsed, and the hospital will not entertain the claim. What should be done in this situation? The best way to solve the problem is to renew your health insurance. We at RenewBuy help you renew your health insurance, and here is how:
Renew Health Insurance Through RenewBuy
From "RenewBuy.com," you can renew your health insurance policy. The procedure for renewing medical insurance plans is described below:
- Visit the RenewBuy company's official website, and choose "Renewals" from the list of options.
- Enter your policy number and birthdate.
- The required payment sum is displayed on the following page.
- Additionally, you can alter your medical insurance plan to suit your needs.
- Once you have made the Renewal payment, your policy information will be sent to your registered email address.
Documents Required for Renewing Health Insurance
The list of important documents varies depending on the insurance company and could slightly change throughout the process. Here is a sample list for your consideration.
- Proof of identity
- Age proof
- Proof of address
- photos the size of a passport
- medical History
- Health policy documents
- Other important documents
Grace Period In Health Insurance
This time window ensures you renew the health insurance plan as soon as possible without losing the previously mentioned benefits. Your policy's expiration triggers the start of the grace period. Remember that you cannot claim while the policy is inactive or during the grace period.
The terms of the health plan specify that the grace period may last 15 to 30 days. If you continue to fail to renew the plan, you will forfeit all the advantages. After that, you must purchase a new health insurance plan. Renewing health insurance as soon as possible to maintain the benefits is important.
What if you Fail to Renew your Health Insurance?
You will lose all the benefits and coverage if you don't renew your health insurance policy. As a result, you must renew the health plan. To ensure that you don't miss out on timely renewals, most insurers send reminder emails and text messages to your registered contact information. You can even set reminders to ensure you don't forget the expiration date.
The online renewal process is very simple and hassle-free. You won’t have to spend much time on the website, and your policy will renew in no time. While you renew your health insurance online, you can also check on riders if you think they were missing in your health policy.