Finance

Renewing an Oriental Health Insurance

If your Oriental health insurance is up for renewal soon, it should be a priority in your personal to-do list. Many doubt the usefulness of a health insurance when they have had no sizeable reason to use their mediclaim. However, one should not be deceived by such short-term observations.

A health insurance does not just protect you against hospitalisation expenses. It offers you the peace of mind that no matter what crops up, you’ll always be financially protected. That’s why your Oriental health insurance should be renewed immediately. However, before you actually get down to it, there are a few things you should note.

The process of Renewing Oriental Health Insurance

The process of renewing health insurance, though similar to purchasing one, has different considerations. During the expanse of one year, you might have contracted a new illness or a better plan might have been released. Either way, there are a few steps that should be taken for due diligence, before the actual renewal.

#1 Explore new plans

Insurance companies often update their existing plans or come up with better ones to compete with the market. Therefore, you wouldn’t want to miss out on a better coverage just because you didn’t check. You can check with your existing insurance company or a third-party provider. Remember that Oriental health insurance provides portability, which means you can transfer your policy to another insurance company without any issues.

#2 Disclose new illnesses

Once you have decided on your health insurance policy, you need to get started on the necessary procedures to purchase the policy. One of the steps in the procedure is to disclose any illness contracted in the last 12 months. The insurance company might have certain terms and conditions pertaining to that illness, which is why this step should not be avoided.

#3 Read the exclusions list

The exclusions list is subject to change at the discretion of the insurance company. This means that they can amend the list according to their priorities. In order to ensure that the list does not hinder your medical coverage, it’s best to study it once again to become aware of any changes, if made.

#4 Check quotes online

Once the due diligence is finished, you can move on to the easy part. Instead of using an insurance agent, you can have your policy renewed within seconds. Insurance aggregators like Coverfox.com offer a range of Oriental health insurance plans for easy comparison on their quotes. In addition, the rates mentioned online feature discounts and offers, which makes it cheaper. Thankfully, the site also has the option to buy and renew policy online with seamless ease.

Reasons to Renew an Oriental Health Insurance

An expiring health insurance does not help anyone. It exposes you to financial losses resulting from sudden illness or hospitalisation and you lose any benefits earned during your period of coverage.

#1 Expensive hospitalisation

Hospitalisation expenses are increasing day by day. In such cases, an accident or a sudden illness can set you back financially. Losing your coverage can be the worst decision for your physical and financial well-being. Not only does your Oriental health insurance plan provide financial security, but also added peace of mind.

#2 Pay for pre and post hospitalisation coverage

A health policy does not only provide hospitalisation coverage. In addition, there’s pre and post hospitalisation coverage for planned admissions. As a result, any costs relating to medicines and doctor’s fees in the period preceding and subsequent to the hospitalisation will also need to be borne out of your pocket if you do not renew your insurance.

#3 No coverage for critical illness

One of the most significant areas of protection provided by health insurance is critical illness coverage. This includes a list of severe illnesses, upon confirmation of which, the policyholder receives a lump sum compensation for treatment. Such illnesses are often expensive to treat and can severely hamper your livelihood. As a result, renewing your health insurance policy can save you such hassles.

#4 Lose your No Claims Bonus

Generally, when there’s a claim-free year, the policyholder is provided a No Claims Bonus. The bonus is usually expressed as a percentage. This bonus is accumulated based on successive claim-free years. Depending on the insurance company, you can either get an increase in your sum assured or a discount on your insurance premium. In case of non-renewal of your policy, you lose this bonus.

Start Your Renewal Process Now

Renewing your Oriental health insurance is not only useful but necessary. The pros of the decision outweigh the cons. Considering the fact that you can now compare Oriental health insurance quotes on Coverfox.com and directly renew your policy thereon, it’s basically a no-brainer.

September 2018
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