Faq - Health Insurance Renewals

On renewal, if you have had a claim-free year, you get an NCB which increases your health coverage without any additional premium! The extent of the increase in coverage may differ from one insurer to another but is a continuous perk every year till your coverage is enhanced by 100%. So, you will have double the cover for the same premium.

Also, with continuous renewals, the waiting period for pre-existing illnesses gets over and you can start claiming expenses related to them. If there is a break in insurance, then these benefits are not applicable. Hence, it is advisable to renew the insurance policy without any breaks.

A proposal form is required to be filled out only at the time of buying a policy for the first time. It does not need to be filled on renewal unless there is a change that you desire.

If you check the premium structure of any of the insurance company, either the premium is increasing every year or they have premium slab for different age groups; something like for age brackets 30yrs-35yrs and from age 36yrs-40yrs

So when the policy holder moves from age 35 to 36, the premium changes.

So yes, premium can/will increase irrespective of loading as per age brackets. Other reasons could be change in GST/Tax rates, IRDAI approved increase of premium etc.

Yes this is possible. The Insurance Regulatory and Development Authority of India (IRDAI) had issued a circular in which the insurance companies were directed to allow the insured to transfer one health insurance plan to another or one insurance company to another without making the insured lose any accumulated benefits like renewal credits for pre-existing diseases. This is called Portability

Usually transfer of health insurance is done for reasons like competitive premium, better services, coverage for more healthcare expenses with a different insurer, etc.

A policyholder desirous of porting his/her policy to another insurance company shall apply to such insurance company to port the entire policy along with all the members of the family, if any, at least 45 days before, but not earlier than 60 days from the premium renewal date of his / her existing policy.