Insurance Renewal Support — Stay Covered Always

Insurance Renewal Guide

Timely insurance renewal is crucial. A lapsed policy means you are unprotected, and renewing after lapse may result in higher premiums, fresh waiting periods, or loss of accumulated benefits like No Claim Bonus.

Renewal Best Practices

• Set renewal reminders — Mark your calendar 30 days before expiry. Most insurers send SMS/email reminders, but do not rely solely on them
• Grace period — Most policies offer 15-30 days grace period after expiry. Claims during grace period are usually covered, but do not risk it
• Never let health insurance lapse — If health insurance lapses, you lose your No Claim Bonus (accumulated sum insured increase) and pre-existing disease waiting period resets
• Compare before renewing — Check if better plans are available. Porting to a different insurer is allowed (carry forward waiting period benefits)
• Auto-renewal — Set up auto-debit for premium payment. Ensures your policy never lapses due to forgetfulness
• Review coverage — At renewal, assess if your coverage is still adequate. Medical costs rise 10-15% annually. Consider increasing sum insured
• No Claim Bonus — For every claim-free year, your sum insured increases by 10-50%. After 4-5 claim-free years, your effective cover can be 2x the original. Protect this by making small claims only when necessary

Porting Your Insurance

If you are unhappy with your current insurer, you can port (switch) to another insurer without losing your waiting period benefits:

• Apply 45 days before renewal — Submit portability form to the new insurer at least 45 days before current policy expiry
• Benefits carried forward — Pre-existing disease waiting period served with old insurer is credited. No Claim Bonus may or may not be carried (depends on new insurer)
• New insurer can accept or reject — They may modify terms based on your health profile