Mediclaim Policy Renewal: What You Must Check Before Renewing

By Rahul Narang•
Mediclaim Policy Renewal: What You Must Check Before Renewing

Introduction

It might have happened to you or somebody you know that for years you had your mediclaim insurance policy and you were also paying regular premiums. Once time you made a claim and found out that certain benefits had lapsed. So frustrating, isn’t it? This is why it’s highly recommended that when you renew your mediclaim insurance, you must also make sure your coverage will continue to fit your needs. It’s super important to review your policy at the time of renewal, especially because medical costs are increasing.

Let’s discuss what all do you need to check before renewing your mediclaim insurance in India so that you don’t miss changes in coverage or lose important benefits.  

What Makes Renewal So Important?

Life is never the same. Sometimes situations change, sometimes lifestyle. You could develop a new illness, there could be an increase in medical prices or maybe the needs of your family grow than before. You must never renew your policy without reviewing it. When you pay attention at that time, you ensure having the right coverage when you actually need it.

You can’t do much once you have bought the policy but renewals offer you a chance to:

  • Upgrade coverage and match it with the rising medical costs.
  • Add new riders or benefits to the policy that were not there before.
  • Always renew on time so that waiting periods don’t restart.
  • Protect your coverage by staying regular with your payments.

After all, a careful renewal is a guarantee that your mediclaim insurance policy grows with your changing needs.

What to Check Before Renewing Your Mediclaim Policy?

Renewing your mediclaim insurance policy doesn’t just mean paying the premium on time but ensuring your coverage is enough for you when required. Let’s see what you should definitely check at the time of policy renewal:

  1. Coverage Amount (Sum Insured)

In India, medical costs are rising every year and this is a point of concern. The insured amount you chose a few years ago is most possibly not enough today, especially if you’re in a metro city. Check if you need to increase the coverage while you are renewing. 

  1. Waiting Periods for Pre-Existing Diseases

When you keep renewing the policy, the waiting period for pre-existing conditions also keeps reducing and it’s a big benefit. At the time of payment, confirm whether the mediclaim insurance policy cover those diseases now.

  1. Room Rent Limit and Hospital Network

Room rent limits or hospital tie-ups might be small factors but can affect your claim big time. If you want a private room but your policy allows only a shared room, you may have to pay yourself. It should also be checked if your preferred hospitals are a part of the insurer’s network.

  1. New Riders or Add-On Benefits

Many insurers introduce new features for the convenience and benefits of the policyholders. People can always opt for the extras like critical illness riders, maternity cover etc. Of course, renewal time is the best to add these riders to your mediclaim insurance.

  1. Premium vs. Benefits

The premium you’re paying should ideally justify the benefits you’re getting. It’s possible that there’s another plan from the same insurer or a different one that offers better coverage at a similar cost. At renewal, you upgrade your policy and it continues the same.

  1. No-Claim Bonus (NCB)

Your insurer should also offer a no-claim bonus. Basically, many insurance companies increase your coverage amount for the year you don’t make a claim. Do keep this benefit in mind while renewing.

  1. Exclusions and Policy Updates

Insurance companies also keep updating their terms. Every time you renew, go through the fine print to check what’s not included this year. It could be procedures like cosmetic surgeries or certain advanced treatments, so stay alert and informed.

  1. Grace Period for Renewal

Renewal of mediclaim insurance in India has to be done before the due date. While insurance companies normally provide a grace period of 15–30 days for payments, you can’t make claims during this period. Also, missed renewal means waiting periods would restart and all the previous time has been wasted.

Mistakes People Make During Renewal

Renewing a mediclaim insurance policy isn’t limited to continuing the same plan. There are mistakes that so many people unknowingly make that either affect their coverage or claims. Just beware of these catches for a wise renewal:

  1. Not updating health details– Don’t forget to inform your insurer if you’ve developed a new illness or undergone surgery because hiding details can lead to your claim being rejected.
  2. Missing the due date– A late renewal means you will missout on your No Claim Bonus (NCB) and even a policy lapse.
  3. Ignoring changes in coverage– Sometimes insurance company change their terms, add new rider options or modify coverage so go through the fine print.
  4. Accepting higher premiums blindly– Many people pick up the first policy they see. Not comparing alternatives, they end up paying more.

How to Save on Your Mediclaim Insurance?

Time for renewal? It’s the perfect chance to make your mediclaim insurance in India more cost-effective while holding on to the benefits. All you need is a little planning for a reduced premium and improved coverage.

  1. Consider portability– If you find that another insurer is offering better benefits at the same cost, you can switch to it. Your continuity benefits will remain the same.
  2. Opt for long-term policies– Many insurers will also offer you discounts if you straightaway buy a 2–3 year mediclaim policy instead of renewing it every year.
  3. Adjust deductibles wisely– If your employer already provides health cover, choose a bigger deductible on your mediclaim to lower your premium.
  4. Compare online before renewal– You can also benefit from the market competition. You must check different plans so you can get the best value for your money.

The Rising Need for Mediclaim Insurance in India

The costs of healthcare in India are skyrocketing and there are hardly any signs of slowing down. Treatments for critical conditions like cancer, heart surgeries or organ transplants can be a matter of several lakhs and it’s an enormous burden on common families. Don’t rely only on your savings because they will be wiped out with just one bill. Mediclaim insurance in India will be your financial lifesaver that ensures reliable protection against sudden medical emergencies.

Renewing a mediclaim insurance policy, you make sure your family stays protected from health uncertainties. At Policywings, we help you check coverage, benefits, features and exclusions in a very simple way. We guide you at every step so you get the mediclaim insurance in India. It works when you need it the most but always review before you renew.

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