Get these top benefits by renewing health insurance on time

A health insurance plan extends medical benefits when you suffer from an illness or accident. However, it remains valid for a certain period only after which you need to renew it. Health care plans with a tenure ranging from 1 to 3 years are available in the market. Choosing a longer tenor will lead to few renewals and might help you remain covered during an emergency.

A shorter tenure leads to frequent policy renewals that are cumbersome and time-consuming. Also, if you face a medical emergency or meet with an accident before renewing the policy, you will not receive the coverage and medicals. Renewing health insurance plans on time provides these benefits to the insured:

Continuous protection

Renewing health care policies on time will provide continuous health protection to you. In case you have subscribed to a family health cover policy, you risk the health of your family members when you don’t renew the policy on time.

As you grow older, you get exposed to severe health conditions and risks. Also, some insurance companies don’t provide insurance once you cross a certain age limit. However, by renewing the policy on time and by opting for policies that offer a lifelong renewal option, you can stay protected even at an older age.


If you don’t renew your health cover policy on time, the insurance company might charge a penalty. In the worst case, it might also charge a higher premium for continuing the medical benefits.

Change of plan/benefits

If you are not satisfied with your current plan, you can ask the insurer to customize the coverage or benefits accordingly. It is even possible to opt for a new plan during policy renewal. By renewing the insurance policy on time, ensure that you switch to a better health insurance for senior citizens plan without wasting your time.


Paying the premium regularly can make you eligible for a discount during the policy renewal process. Also, if you have maintained the no-claim status throughout the policy tenure, the insurer will charge a lower premium or extend your coverage. In both cases, you benefit financially by renewing the policy without any delay.

However, if you don’t renew the policy immediately after the expiry date, you may lose some of the NCB points. As a result, you won’t get the financial benefit that you would have received otherwise.

These are the things that you should consider while renewing your medical insurance plan:

Grace period

Most insurance companies provide a grace period of 10 to 15 days. If you manage to renew the policy within this grace period, you won’t lose any of the aforementioned benefits.

Analyze your medical care requirements

Assess whether the present medical insurance policy is allowing you to avail quality health care services. Check whether the insured amount is enough especially if you have taken a family health cover plan. Based on your assessment, decide whether to continue the old plan or switch to a new policy.

If you find the coverage amount to be insufficient, request the insurance company to increase it. If they don’t agree, you have the choice of switching to a new insurance provider who offers a higher sum insured. However, you might lose some of the NCB points (usually 50%) on changing the policy provider.

Removing or adding new members

The policy renewal provides the ideal chance to add or delete some members from the health cover. For example, if your parents have exceeded the age limit up to which the insurer offers medical protection, you will have to remove them from the family health cover plan. After that, get a senior citizen healthcare plan for them.

On the site of Bajaj Finserv, you will find the best health insurance for senior citizens. Individual, family, group, and other types of health coverage plans are also available on their site.