Every health insurance policy comes with a validity of at least 1 year, 2 years, or 3 years beyond this tenure, the policy needs to be renewed to enjoy the benefits offered under this continually. In case a policy is not renewed before its expiry it will get lapsed and individual will lose the accumulated benefits such as No Claim Bonus (NCB) or waiting period benefits and individual again have to purchase the  fresh policy which might be a costly task. The health insurance that you have purchased can be renewed either through the official website of EDIFS.

Renewing health insurance policy is just a matter of a few minutes. One can renew a health insurance policy via online or offline mode as per their convenience. Most health insurance companies offer an online renewal facility as it not only saves customer’s time but also offers them flexible payment options. No matter which mode, one must keep health insurance renewal on priority.

Benefits of Health Insurance Policy Renewal before Expiry

Apart from uninterrupted Mental peace, health insurance policy renewal on-time offers the following benefits:

• Continuous health Protection: Most health insurance companies do not offer health insurance to an individual after a certain age i.e old age because mostly people usually have some pre-existing diseases or chronic conditions in old age. To avoid this kind of situation when one may need health insurance on continue basis. Renewing health insurance on time ensures continuous protection as per the terms and conditions at which the policy was purchased from insurer.
• Tax Benefits: On purchasing a health insurance policy, the policyholder becomes eligible for tax benefits under Section 80Dof the Income Tax Act, 1961. To continue availing of tax benefits, one should timely renew their health insurance policy.
• Medical Insurance Becomes More Expensive with passing Age: The younger the individual are at the time of being covered under a health insurance policy, the lower the premiums will be. So, if an individual let their existing health insurance policy lapse, then they might not get a health policy at the same  premium, it becomes an costly proportion in life for them.

How to Renew Health Insurance Policy Online At EDIFS?

Following are the steps to renew your health insurance policy online at EDIFS:

• Visit EDIFS and click on the ‘Health’ tab.
• Go to the menu bar and click ‘Renewal.’
• Provide the basic details like policy number and expiry date. Your details will automatically get fetched.
• Fill in other details if required.
• EDIFS executive will review all details and he will send a payment link on registered mail ID and Mobile number.
• Make the payment by using your debit/credit card or net banking.
• On successful payment, a digitally signed copy of the policy will get generated and sent to your registered email id.
• Get a print of the issued policy to retain in a paper form.

Note: While renewing the policy, you can choose to increase the sum insured limit of your policy. But for this, you will be required to pay a higher premium as you would be availing of higher coverage.

Grace Period for Health Insurance Renewal

Health insurance grace period refers to the time or the number of days that an insured, can take to pay the required health insurance premium to insurance company for a particular health insurance policy . Generally, the insurance companies provide the policyholder a grace period of 15 days which is calculated from the due date. During this period, the policyholder can make the renewal payment. In case Policyholder fail to do so, then their health insurance policy will lapse and Policyholder will lose the accumulated benefits such as the waiting period benefits, No Claim Bonus etc.

Things to Remember at the time of Renewing your Health Insurance Plan

It is extremely important to get your Health Insurance Policy renewed before its expiry date. Generally, most of insurance company send a renewal notice (RN) to their policyholders before the expiry of their policy. Some of the things that one should remember while getting their health insurance plan renewed are as follows:

• Get your Plan Renewed prior to Due Date.
• Add More Members if require at the time of renewal Vice-a-versa.
• Disclose any New Condition or Illness at the time of renewal to insurance company.
• Increase the Sum Assured (if required) & Vice-a-versa.
• Look for Any Changes in terms & condition of policy by Insurer due to change in IRDAI regulation
• Inform Your Legal Heir & family if any changes and updates made by you in policy.