If you fail to do on the stipulated time, you may lose the different continuation benefits and end up getting a new policy again. There are several pointers that you need to remember when renewing your health insurance to avail maximum value out of the same. Let us discuss the main ones.

Things to remember

Here are 8 main pointers that you need to keep in mind before and during the renewal of a health insurance policy.

1. Date Of Renewal: Do make a reminder of the renewal date when buying a policy. Renewing the policy on time will help you in not losing out on the waiting period for some diseases and not lapsing out.

2. Change in number of insured members: Health insurance renewal is the best time for updating the number of insured member in your policy. You can add your children or parents for different tax benefits. Many couples take different health insurance policies to include their respective parents for better coverage as well as tax benefits. Study and understand all possibilities offered by your policy at its renewal.

3. Adding Top Up Plans: Renewal time of a health insurance policy is also the right time for adding a top up plan. This can be done by increasing the policy coverage accounting your needs.

4. Change of Policyholder: The change in policyholder is only allowed by the insurance company at the time of renewal. This is especially important if you are looking to claim deductions for the policies.

5. Increase in policy assured sum: After a review of the insurance requirements, you can also increase the insured sum at the time of renewal. There are certain conditions that need to be completed if the enhancement is quite significant. Do remember, that there would be fresh waiting period for the increased sum.

6. Check for changes in terms and conditions: According to IRDA regulations, there is no change in the terms and conditions of a policy at the time of renewal. If there are any proposed changes, they have to be informed at least three months before renewal. If there is such a case and the revised terms are not acceptable to you, you can migrate to similar policy of same insurer or another insurer as per the rules.

7. Disclosure of new illness: Your health profile may change quite a lot within a year. There may or may not be any change in the premium by the company. However, it is considered to be in good faith to disclose your updated health profile and hold the spirit of principle.

8. Preserving the receipt: Always update your spouse regarding the renewal of the policy so that they are not unawares when the time of claim comes. Additionally, It is best to take a printout of the recipt and keep a record of the same in your tax file for future reference.


Renewal of the health insurance policy is as important as buying the policy itself. A planned and thought out approach is always better than any last minute rush. In order to know more about the policy renewal process and get expert opinion regarding the same, contact our financial experts today.



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