What Is Lifetime Renewability In Health Insurance?

You realize what’s worse than hitting your pinkie on the edge of the bed? A missed premium payment! Just taking into consideration the “grace period” process sounds just like a hassle you are able to avoid. Luckily, things are changing for the better.

Gone are the days once you had to renew your quality of life insurance plan regularly. With the lifetime renewals facility, now you can apply for lifetime renewal once and sit back to savor all the benefits of a regular life insurance policy. Most insurance companies today allow renewals with a quick, online process. So, you are able to put the hassles of regular renewals and the expense associated with them behind you. Besides, upgrading to lifetime renewal is simple, and you can claim a lot of additional lifetime renewability benefits!

What is lifetime renewability?

First things first, lifetime renewability in health insurance is really a clause in your quality of life insurance policy. It can help you renew your insurance coverage without re-qualifying for a brand new policy. This cuts the time to utilize for a brand new policy and saves the expense related to re-applying. But that’s not all.

Policyholders is now able to go for lifetime renewalswhenever they please, as per the directive from the Insurance Regulatory and Department Authority of India (IRDAI). Nevertheless, if you don’t go for lifetime renewal before claiming insurance, you’ll lose the benefits of the prior policy. What’re they? Here’s a thorough list to help you out.

What’re the lifetime renewability benefits?

In accordance with IRDAI, lifetime renewability benefits haven’t any age bar. This implies anyone who opts for the policy can avail of its benefits for life.

Typically, as you age, the premium amount you pay while obtaining a new health insurance policy increases and the coverage reduces. This is because the older the in-patient, the higher the perceived risks. But once you go for lifetime renewability, there are no such premium costs involved. Hence, you cut costs and still get full coverage if you apply early on.

As compared to health insurance re-applications, you don’t have to wait for a stipulated period if you have pre-existing conditions.

As you don’t purchase insurance premiums once you apply for lifetime renewability, you save on insurance costs as well.

Sub-limits on health insurance lifetime renewals

All health insurance policies today, including those offering lifetime renewals, come with sub-limits. These are used to restrict reimbursements over different insurance co-heads if the expenses exceed a specific limit.

As an example, routine hospitalisation includes co-heads like room rent, consultation fees, medicine purchase costs, operation fees, All Postsetc. So if the consultation fees sub-limit is set at 1% in cases like this, the policyholder will need to pay 1% of the consultation fees, irrespective of the total sum insured.

However, insurers often provide this facility and decrease the premium amount payable at the time of policy purchase.

Medical check-up requirements for lifetime health insurance renewals

Typically, insurers require policyholders to undergo a medical check-up to make certain they meet the disclosures in the application form form. However, this doesn’t affect policyholders under 45 years unless they have a significant medical condition. Nevertheless, if policyholders want to produce their claim settlements easier, they are able to undergo a medical test and submit the reports to the insurer.

Now that people know exactly what a lifetime renewal of health insurance is and its benefits, well-known question is –

  • how can one apply for renewal?
  • How to utilize for lifetime renewal for health insurance?

You are able to apply for lifetime renewals for health insurance the same way you’d apply for annual renewal.

The best way to do this is to go to the insurer’s site and check lifetime renewal options. Most insurers allow you to do this over call, fill out an on the web form, or even via an app. Visit your insurer’s site to understand the important points of the process.

What to remember while applying for lifetime renewal of health insurance

Since health insurance is now more customer-friendly, you might be tempted to find the first health insurance policy with a very long time facility that comes your way. However, before you do, consider the following points.

Be sure to research different health insurance plans and compare the features and lifetime renewability benefits they offer. Choose a plan that offers the most benefits for the price. But don’t make an option after only taking into consideration the price.

Check the exclusions and inclusions specified by the insurer. This will allow you to avoid claim rejections.

Choose an insurer that not only has a good brand reputation in the industry but also one that offers excellent customer service, discounts, and more.

Try to find an insurer offering digital insurance services. The reason why? In this manner it is simpler to get or claim insurance online, and the method is instant.

Choose an insurer offering a health insurance sub-limit on lifetime renewals to help expand lower your spending.

Over to you

There! That’s everything required to understand about health insurance and the renewability clause. So, if you’ve been considering getting insurance for yourself or your family, don’t waste one minute more. Given the signs of the time, a healthcare insurance plan is absolutely essential you should have.

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