Pay your health insurance premium on time and enjoy lifelong renewability

Accumulated no-claim bonus and advantage of having crossed waiting period will be lost if you fail to pay your health insurance premium on time

The Covid-19 pandemic has taught Indians not just the significance of buying health insurance but also renewing this policy on time. A recent study by Policybazaar.com showed that in FY 2021-22, 85 per cent of their customers renewed their family floater policies, and 80 per cent renewed their individual health policies, on time. Furthermore, 60 per cent chose to bolster their coverage with riders.

Lifelong renewability benefit

Timely renewal allows policyholders to avail of the benefit of lifelong renewability. Kapil Mehta, co-founder, SecureNow Insurance Brokers says, “If you don’t renew on time, and you have developed a health condition, the insurer can