Health Insurance Renewal

Health Insurance Renewal

In 2026, staying protected through a health insurance policy renewal is as critical as buying the policy itself. With medical inflation in India rising at 14% annually, letting your policy lapse could mean losing your safety net exactly when you need it most.

Why You Should Renew Your Health Insurance Policy on Time

Renewing your medical insurance on time ensures you don't lose the hard-earned benefits you've accumulated.

• Continuous Coverage: Your protection stays active 24/7, with no "break" in the policy.
• Avoid Waiting Period Reset: If a policy lapses, you may have to serve the 2–4-year waiting period for pre-existing conditions all over again.
• NCB Protection: Your No Claim Bonus (NCB), which can increase your sum insured by up to 100% at no extra cost, is wiped out if you don't renew.

Benefits of Renewing a Health Insurance Policy Before Expiry

• Safeguard Tax Benefits: Continued health policy renewal allows you to claim deductions up to ₹75,000–₹1,00,000 under Section 80D.
• Lock-in Premiums: Some modern plans, like Niva Bupa ReAssure 2.0, allow you to "lock" your premium at a younger age if you renew consistently.
• Peace of Mind: You avoid the risk of being denied coverage later in life due to new medical conditions.

How to Renew Your Health Insurance Policy Online with Jio Insurance Broking

Renewing your health insurance online via Jio Insurance Broking is a seamless 3-step process:

• Visit the Portal: Go to the official Jio Insurance section and enter your policy number and mobile number.
• Review & Update: Check your existing coverage. This is the best time to add "Riders" like Maternity or Critical Illness cover.
• Instant Payment: Pay via UPI, Credit Card, or Netbanking. Your renewed mediclaim policy renewal document is instantly sent to your email.

Grace Period for Health Insurance Policy Renewal

The grace period for health insurance renewal is a buffer provided by the IRDAI if you miss your due date:

• Annual/Quarterly/Half-Yearly: 30 Days.
• Monthly Installments: 15 Days.
• Note: During the grace period, you are not covered. If a medical emergency occurs, the insurer will not pay the claim until the premium is cleared.

Important Factors to Consider While Renewing Your Health Insurance Policy

• Increase Sum Insured: Evaluate if your current cover (e.g., ₹5 Lakh) is enough for 2026's hospital costs.
• Add Family Members: You can add a newborn or spouse during the healthcare renewal window.
• Review Sub-limits: Check if your policy has a room rent cap; consider upgrading to a "No Room Rent Cap" variant.

Can You Port Your Health Insurance Policy at the Time of Renewal?

Yes, you can port your policy if you are unhappy with your current insurer.

• Timeline: You must initiate the porting process at least 45 to 60 days before expiry.
• Benefit: You carry forward your waiting period credits and No Claim Bonus to the new insurer.

What Happens If You Fail to Renew Your Health Insurance Policy on Time?

If you miss the grace period:

• Policy Lapses: The contract between you and the insurer ends.
• Loss of Benefits: You lose all NCB and waiting period credits.
• Fresh Medical Check-up: You may be asked to undergo medical tests again, and the insurer can reject your application if you've developed new health issues.

How to Renew an Expired Health Insurance Policy

If your policy has expired, act quickly:

• Contact Support: Call your insurer's customer care immediately.
• Health Declaration: You will need to provide a fresh declaration of your current health status.
• Late Fee: Some insurers may charge a penalty for late healthcare renewal.