Every family looks for ways to save money despite the variety of expenses they have to meet every month. Unseen medical expenses, especially during emergency hospitalization, can severely impact your savings. A medical insurance plan works as a protective cover against these expenses. By paying the premium regularly, you can get coverage for a specified policy term.
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Renew Your Medical Insurance Online with 4 Simple Steps
And for uninterrupted policy benefits, you should renew your policy on time. You can avail of the option of online to renew your medical insurance plan. It is a quick and easy process which can be done in a few simple steps:
Step 1: Visit your medical insurance provider’s website. Then, start by providing the basic details of your previous policy. It includes information like policy number and expiry date. After doing so, fill in the other required information.
Step 2: Then, you will be asked to choose the payment method. You can opt for various options to make the payment. These include paying by debit card, credit card or net banking.
Step 3: Once your medical insurance provider authorizes your payment, you will be issued a digital signed copy of the policy. After that, you can print the policy document anytime and retain it in paper form.
Step 4: After renewing your medical insurance policy online, you will be provided with a username and password. Then on, you can easily check the details relevant to your medical insurance policy online on your insurer’s website.
To ensure that the online process is more convenient, many insurance companies have mobile apps as well. The renewal procedure through the mobile app is as follows:
- The initial step is to download the insurance provider’s mobile application. Then you can log in using the said process.
- After you access the account, you can look into the medical insurance renewal procedure.
- You can complete the process after reading and rechecking the policy wordings of your medical insurance plan.
- Then, make the payment and renew your medical insurance policy.
While these were the steps for easy renewal of your medical insurance policy, there are some factors that you should consider before renewing it:
- Renewal Before the Due Date
If you do not pay the premium for your medical insurance before the deadline, you will be provided with a grace period of 30 days before the plan lapses. So you should ensure that you renew your policy before or on the due date. It will be beneficial to renew prior to the due date to minimize your chances of losing the coverage benefits.
Otherwise, you will have to opt for a new policy and begin from the start. To avoid this situation, you can set a reminder on your phone that will prevent you from missing the renewal date.
- Check Change in Terms and Conditions of Your Policy
According to the regulations of IRDAI, the terms and conditions of your medical insurance policy will remain the same while renewing. The insurance company cannot change that based on an adverse claim explanation.
- Review Your Health Requirement and Compare Plans
With changing time, your requirements may also change. Thus, before the renewal of your medical insurance policy, review your needs. So, that you are prepared for the unseen future.
Before renewal, you should also compare the available plans. If you find a different medical insurance plan more suitable, you can change your existing policy to benefit more.
Renewing a medical insurance policy is not only essential to avoid heavy medical bills in the future but also as a financial security cover for your family. In case you are not around due to an unforeseen circumstance, your beneficiaries will get a lump-sum amount. It will help them be financially stable.
Thus, you must have a good medical insurance policy and renew it on time. You can opt for reputable insurers like Tata AIG that offer diverse medical insurance plans and have an easy online renewal procedure.
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