On receiving a renewal notice, do not simply find the ‘click here to renew now’ link. Renewal of health insurance policy is a very important buying decision.
Here are three vital points you should keep in mind before renewing your health insurance policy:
- Check the renewal proposal: Insurance carrier generally sends out the insurance renewal letters at least 45 days before then the renewal time. The letter undoubtedly declares the sum assured, claims availed, no claim bonus and additional important info about your policy.Please proceed through these and inform the company if there are any non-conformities.
- Review before renewal: This is actually the most important part of the procedure.If you are thinking of moving out to a different insurance company, you better start at least 60 days before the due date. All of this will take some time, and so you have to get started on prior.
- Revisit your insurance requirements: You might have purchased the policy several years ago. Regardless of the no claim bonus accrued, the cover may be insufficient.In case you have relocated from a Tier 2 city to a city, you require more cover at the expense of hospitalization goes up.This ensures that your quality of life insurance cover is enough to deal with your requirements.