LIC Policy Renewal of Health Insurance
Are you a policyholder with the Life Insurance Corporation of India (LIC) policy and want to enjoy uninterrupted benefits throughout the policy term? First and foremost, you should make regular LIC premium payments without a break. When you purchase an LIC health insurance policy, you need to renew your LIC policy on time before the policy renewal date.
LIC policy renewal for health insurance is possible in many ways, including by reaching out to your LIC agent, visiting the nearest LIC branch, or online from the official website of LIC of India. Timely renewal ensures you and your family are covered under the policy benefits and protected against medical hiccups. This article discusses the LIC India policy renewal process for health insurance in detail.
Why is it Important to Renew Your LIC Health Insurance Policy?
Timely LIC health insurance policy renewal can benefit the policyholder in many ways, including the following:
Uninterrupted Policy Coverage
An active LIC health policy protects your loved ones against any medical emergency, providing them with much-needed financial support. Renewing your LIC health policy on time ensures uninterrupted medical coverage for you and your family.
Preservation of Benefits
Timely LIC health policy renewal allows you to retain access to the policy benefits. Whether it's early or major-stage cancer coverage, hospital cash benefit, medical management benefit, etc., timely renewal ensures you get coverage when a medical emergency occurs.
Peace of Mind
With a renewed LIC health policy, you can be stress-free about good medical care for uncertain health issues, knowing that you've safeguarded your loved ones' well-being and ensured financial stability. Hence, you gain peace of mind by doing the right thing.
Tax Benefits
Premiums paid towards health insurance policies are eligible for tax deductions up to a specific limit. When you renew your LIC health policy, you enjoy tax benefits under Section 80D of the Income Tax Act, 1961. This way, you can reduce your taxable income and lower your tax liability.
Ease of Process
Buying a new health insurance policy requires extensive paperwork, medical examinations, underwriting, etc. If you renew your LIC health policy on time, you choose minimal hassle, saving time and effort.
Explore the benefits and coverage of LIC Health Plans:
What if I Do Not Renew My LIC Health Policy?
Not renewing your LIC policy can cause inconveniences and attract financial burden on your pocket as the medical emergencies don’t come notified. Some of the consequences of not completing LIC policy renewal on time are:
Loss of Policy Benefits
The most immediate consequence is the loss of medical and financial coverage under the LIC policy. If you do not renew your LIC health policy on time, you or family members covered won't receive any financial assistance at the time of a medical emergency. This leaves your family vulnerable to financial strain during challenging times. Also, you lose access to additional benefits associated with the LIC health policy, including daily benefits, surgical benefits, daycare procedure benefits, etc.
Risk of Reapplication
Once the LIC health policy tenure completes, reinstating it later may require a lengthy process. The premium charges may affect and require additional documentation.
Potential Financial Loss
You can no longer claim the benefits once the health policy expires. Also, the waiting period for different coverages extends, which ultimately affects the medical coverage.
How Can I Renew My LIC Health Policy?
There are multiple ways to renew your LIC policy based on suitability and convenience. Let’s look at the different ways of LIC health policy renewal:
LIC Health Policy Renewal Online for Registered Users
Registered users can complete LIC health policy renewal by following the given steps:
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Visit the official website of the Life Insurance Corporation of India (LIC) at www.licindia.in.
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Go to the ‘Login’ option on the homepage and select ‘Customer Portal’ from the drop-down menu.
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Log in to your account using your user ID and password.
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Once logged in, choose the policy you want to renew from your list of active policies.
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Review the details of your selected policy to ensure accuracy. Verify the policy number, premium amount, and renewal date.
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Select the desired payment method, such as net banking, debit card, credit card, or online wallets.
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Proceed with the payment. Follow the instructions provided on the website to complete the payment securely.
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After completing the payment process, you'll receive a confirmation message or email acknowledging the renewal of your LIC policy.
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Download the renewal receipt or acknowledgement for your records.
Before completing the renewal process, ensure your contact information, such as email address and mobile number, is updated. This will ensure that you receive important notifications and updates regarding your policy.
LIC Health Policy Renewal Online Without Login
You can make LIC premium payment online without login by following the given steps:
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Visit the official website of LIC of India.
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On the homepage, select the ‘Pay Premium Online’ option. This opens a window for ‘Direct Pay’.
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Select the ‘Renewal Premium/ Revival’ option from the drop-down menu and click ‘Proceed’.
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Provide the necessary details, including policy number, date of birth, contact details, etc. Check on the box to agree to the conditions. Click on ‘Submit’.
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You can check the outstanding premium details and proceed with payment using your preferred payment option from credit/ debit card, net banking, and digital wallets.
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Upon successful payment, a payment confirmation message will appear on the screen. LIC of India will send the confirmation and LIC policy renewal receipt to your registered email.
Alternatively, you can renew your LIC health policy offline by visiting the nearest LIC branch office or authorized premium collection centre and paying in cash or cheque.
LIC Health Policy Renewal at RenewBuy
If you have purchased your LIC health policy with RenewBuy, connect with a RenewBuy Advisor to renew it by following the easy-to-go steps:
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Visit the official website of RenewBuy.
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Scroll down and click on the ‘Search Advisor’ button.
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Provide the required information and connect with a certified advisor.
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The advisor will assist you through the LIC health policy renewal process.
Learn more about how you can make LIC premium payments.
When Should I Renew My LIC Health Policy?
When you purchase an LIC health policy, you select your desired premium payment frequency from annual or half-yearly. You need to make payments as per the selected premium paying interval. To provide maximum suitability to its customers and save them from missing LIC premium payments, the Life Insurance Corporation sends reminders regularly. You can consider renewing your LIC health policy before the expiry of the following:
Renewal Due Date
Your LIC policy renewal due date is typically mentioned in your policy documents. Knowing this date and planning to initiate the renewal process in advance is essential. Also, LIC of India sends the reminder through SMS; consider that to pay and renew your LIC policy on time.
Grace Period
LIC usually provides a grace period for policyholders to renew their policies even after the premium due date. Generally, the 30-day grace period is available to make due premium payments. However, we suggest not relying solely on the grace period and renewing your policy before it expires to avoid any gaps in coverage.
Check how you can surrender your LIC policy.
What Are the Key Factors to Consider During Renewal of LIC Health Policy?
During LIC health policy renewal, you need to consider several factors to maintain comprehensive coverage for yourself and your loved ones, including the following:
LIC Renewal Due Date
Pay attention to the renewal due date mentioned in your policy documents. Renew your LIC policy well before the expiry date to avoid any lapse in coverage and ensure continuous protection.
Policy Coverage
Review the coverage provided by your LIC policy, including major or minor surgical coverage, additional or removal of a member, waiting period, etc. Assess whether the coverage aligns with your medical needs, future illness impact, and any changes in your medical conditions.
Policy Riders
Evaluate if you need additional riders to enhance the base policy coverage, such as LIC Accidental Benefit rider and LIC New Term Assurance rider. Determine whether these riders are still relevant to your needs or if you want to retain, modify, or remove them during LIC health policy renewal.
Health Status
Consider your current health status and any changes in your medical condition since you first purchased the policy. If you’ve developed medical conditions or are no longer suffering from the existing ones, consider modifying the base policy coverage. This may affect the premium rates.
Also read: Steps to check your LIC policy status
Bottom Line
Renewing your LIC health policy is not just a routine task but a proactive step towards securing your family's financial well-being and achieving peace of mind. When you prioritize timely renewal, you safeguard your loved ones from future medical and financial uncertainties and enjoy the comprehensive benefits for years.
Additionally, don't hesitate to seek guidance from LIC customer support or consult a licensed insurance advisor if you have any questions or concerns. With the help of RenewBuy Advisor Connect, you can contact an LIC agent or a life insurance agent nearby.