How to Renew a Lapsed Health Insurance Policy?


Health insurance is an excellent way of insuring you and your family. But, it also brings a very critical responsibility to keep your family insured for the defined term of your policy. While a short-term health plan has a term of 1 year, the long term health policy is for a duration of 2-3 years.

You have to pay your premiums on time. Premiums are decided based on your coverage amount. If the premiums are not paid well in time, your policy will lapse. The renewal premiums should be paid before the expiry date of your policy.

There are insurers which provide you with a grace period of some days. So, if you fail to pay the premium even during the grace period, your policy is sure to lapse. That means you have to start with a new policy and everything begins from scratch.

Therefore, missing your insurance renewal is not a good practice. But, there are specific ways that can help you renew your lapsed policy from where it ended.

Revival of Lapsed Health Insurance Policy

The following are the three ways through which you can renew your lapsed health insurance:

  1. Ordinary Revival

If your policy has lapsed, you must renew it as soon as possible. If you decide to renew the policy within 30days from the date of policy lapse, there is no medical check-up that is required.You will have to pay the outstanding premium along with interest. The payable interest is calculated based on the date your policy came in force.

  1. Revival on non-medical grounds

You can choose to revive your account on non-medical grounds. In this case, the amount to be revived would be less than the promised limit of non-medical assurance.

  1. Revival on medical grounds

You can opt for this one, only if you could not get it done in the ordinary revival and revival on non-medical grounds. The sum to be revived under this procedure will be decided, only after you undergo certain medical tests.

There are different ways in which you can renew your lapsed health insurance policy. But, when you renew the policies there are other aspects that you need to check.

Things to keep in mind during the renewal

Health insurance protects you and your family, financially, if you are caught in a medical emergency. Every health insurance policy has a fixed term that varies from one year to three years, and after that, it needs to be renewed.

Follow the top 5tips in the following list to make sure you never forget to renew your policy

  1. Renew on time

There is a grace period allotted by the insurance company, but it is in your best interest that you renew the policies on time. No coverage is provided during the grace period. Therefore,health insurance renewal should be done before time.

  1. Know the renewal process

Insurance renewal can be done online or offline. If you want to renew your policy online, just go to your insurer’s website and fill in the details in the required form. You can submit the form online, so your renewal takes place immediately. You can also do it offline. Just visit the nearest branch of your insurance company.

  1. Research

Do your research well. There is a possibility that you can find a better insurer at the end of your term. Check for all the available options and choose the health insurance plan that will serve you the best. There is a way to ease your efforts when it comes to researching. You can use the premium calculator available on the website. Additionally, you can input the insurance cover amount and it will show you the plan that is suitable for you.

  1. Honesty

Keep your insurer updated in case you are diagnosed with any new ailment. This will help your insurer to serve you better and may cover you for the new ailment as well.

  1. Read policy documents

Read your policy documents to check if all the changes that you asked are reflecting correctly in the documents during insurance renewal. Moreover, see to it that you run a check on the terms and conditions of the policy. Reading the terms and conditions helps to identify the inclusions and exclusions of the health insurance plan.

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