Hello Readers!!

Health Insurance Policy, nowadays, is an essential element that every individual must have in their portfolio. Keeping this pandemic in the center, it becomes crucial for every individual to cover himself and his family members under certain medical cover, to ensure them a good health care facility on time when needed.

Health Insurance policies are like investments, after you opt for a health insurance policy, you need to take care that your existing policy is renewed on time on time, just like your investments are reallocated on fixed intervals.

Policy renewal is necessary, experts say, if you renew your policy on time that means you retained the various benefits offered under a health insurance policy. However, it is also advised that while you proceed towards renewing your health insurance policy, there are certain factors that you must consider. These factors when considered will help you enhance the coverage of your policy and make it more customer-friendly.

Let us know about these factors!

Review The Sum Assured Under The Policy……..

Medical and Healthcare expenses are continuously increasing and that too with a good inflation rate, normally more than the retail inflation. Yes, the research and reports say that the medical inflation rate is double the overall retail inflation. The average retail healthcare inflation in FY 2018-19 was 7.14 percent. Certainly, in such a high inflation rate followed by medical expenses, it is a must for an individual to opt for a health insurance plan that provides adequate cover.

So basically, while opting for your health insurance plan, you picked up one that has low sum-insured, not to worry boost up your health insurance plan while you renew it.

How To Determine The Right Sum Insured? Okay, to determine this you need to need to take into consideration the status of lives insured and what previous claims you have taken.

Amid this COVID-19 pandemic and the virus’s capacity to spread so fast, experts advise that it is important to have at least Rs 10-15 lakh sum insured for each family member. So, ask your insurer to enhance your sum insured while renewing your policy.

In case if you refuse to do the same for you, in that scene, you can look towards porting your health insurance policy to a different insurer. You have one more alternate and that is buying a super top-up plan over the base plan to enhance the coverage of the existing plan.

Renewal Is Not Meant To Disclose Medical Conditions…….

Most of the health insurance policyholders had a wrong perception about the renewal of their policy, they think that renewal of policy means disclosing your pre-medical conditions, to the insurer, however, it is not factual.

As per the terms and conditions of most health insurance policies, it is a must to disclose your premedical conditions while buying the health insurance policy as well at the time of renewal of your policy also. In fact, if you develop any medical condition after you buy the policy, inform your insurer as soon as possible.

Basically, it helps you easing your claim process. In case if you fail to disclose your medical conditions to the insurer at the time of buying your policy, the insurer holds the right to reject your claim request.

Disclosing your pre-existing ailments also helps in the future if you decide to port. When your current condition is mentioned on the proposal form, then basically there will be no fresh waiting periods for that disease. However, if it is not mentioned, then fresh waiting periods will apply for that disease.

Add New Features While You Renew Your Policy………

Recently, insurers of many health insurance policies have added various features to their new-age health insurance products that are customer-friendly and more beneficial. So basically, if you have bought your health insurance 4-5 years before then, I suggest before you renew your policy, do some research. Make note of all the features and benefits that your health plan lacks, and while renewing it, ask for these features from your insurer, or you can also port to a better plan.

You can now easily port to a better health plan without losing the continuity benefits. You must switch to plans that have zero co-payment and no-sub limits on various procedures.   

At last, while renewing your policy do look for some add-on features that have recently added to several health plans amid this pandemic, like OPD coverage, daily cash benefit, and zone upgrade.

Keep reading our articles for more updates on finance and investment!!

For any kind of query you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.

Happy Investing!

(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).