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Health Insurance Renewal: Don't Renew with One Click, Check These 4 Things.
- •When renewing health insurance, merely paying the premium is not enough; it's crucial to check all policy details.
- •Before renewal, ensure your Sum Insured amount is the same as last year or if it has changed, to avoid unnecessary premium increases.
- •If a health declaration is requested during the grace period, read the details carefully before clicking 'Yes,' as it may ask for information on health changes.
- •If the premium has increased, check the premium break-up to understand which add-ons or riders are included and incurring extra charges.
- •Before payment, compare last year's policy with this year's renewal screen and understand the reason for any sudden premium increase.
Key Questions Answered
Relying on a one-click renewal without checking details can lead to unexpected issues like higher premiums or altered coverage. Insurers often pre-select higher sum insured amounts or add recommended add-ons automatically, meaning a quick online payment could result in you paying for changes you did not knowingly choose or consent to.
Before completing your payment, check whether this year's sum insured is identical to last year's or if it has been pre-selected to a higher amount like Rs 15 lakh or Rs 20 lakh. While a higher cover might be useful due to rising medical costs, any increase should be done with your full knowledge and consent since it can raise your premium or trigger new waiting periods.
Looking only at the final premium can cause you to miss extra charges or unrequested add-ons and riders that companies sometimes pre-select as recommended options. Opening the premium break-up allows you to see all included charges and ensure no extra features or higher costs have been added without your knowledge.
