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How To Renew Your Liberty Health Insurance Policy?
Health insurance is a blessing in disguise in this era where health complications are expensive. It’s not only for those who are disease-prone but for anyone who wants to secure their financial and medical future. However, with health insurance comes the headache of renewing the policy over and over again, mostly, once in a policy year. Depending on your policy schedule, you need to renew your health insurance timely.
For reassurance of the same, here’s a guide on how can you proceed with your Liberty Health Insurance renewal, how renewing the policy once a year can help you get more benefits, and the fundamentals of avoiding a policy lapsation.
Liberty Health Insurance Renewal Process
You can get your Liberty health insurance plan renewed in an online or offline mode. Read below the steps through which you can renew your health insurance policy:
Online procedure
Below are the steps to renew your Liberty health insurance policy.
- Step 1:- Visit the official website of Liberty Health Insurance
- Step 2:- Select your policy and continue further on ’renewal’
- Step 3:- Click on the ’Renewal’ button flashing on the page
- Step 4:- Fill in all the details asked in their pre-authorization form like- name, date of birth, etc
- Step 5:- Proceed for verification and wait till you get a confirmation of renewal
- Step 6:- You will further be redirected to a payment gateway where you can directly pay the premium for your policy
- Step 7:- The last step would be receiving a confirmation mail and/or SMS from the company, that ensures your policy has been renewed
Offline Procedure
Liberty Health Insurance solely relies on the customer’s satisfaction which leads you to a convenient renewal of your health insurance policy.
To renew your Liberty Health Insurance policy in offline mode, you need to reach out to the executives of the company. You can do so either by calling them on the toll-free number 1800-266-5844 or by visiting the nearest branch of Liberty Health Insurance.
How PolicyX Can Help You in the Liberty Health Insurance Renewal Process?
PolicyX.com is a leading policy web aggregator and policy advisor, readily available for its customers’ queries. We are here to make sure you don’t miss the chance of renewing your health insurance policy. We are known for our far-reaching customer support, ensuring all your concerns are addressed quickly.
For any queries related to your health insurance policy, you can reach out to customer care at PolicyX.com at 1800-4200-269 or write an email at [email protected]. For more information about health insurance companies, contact us without giving it a second thought.
Why Renew Liberty Health Insurance Before Expiry?
If you are concerned about ’what if I don’t renew my health insurance policy before the expiry date?’ Read below the benefits of being proactive about your health policy’s renewal:
Relieved waiting periods
Once you fail to renew your health insurance policy, you will be required to serve a new waiting period (same as the previous policy terms) for every specific condition. Whereas, renewing the policy within the renewal period allows you to raise a claim without fail and with no added waiting periods.Policy amendment
On renewal of your policy, you are free to alter any changes like enhancement of the sum insured, add-on covers, adding or removing a family member, or choosing a variant of the plan, etc.Regulated and affordable premiums
Instead of renewing a policy that’s already lapsed or expired, which could increase your payable premiums; you should actively renew your health policy within the given time. It will ensure you don’t get a revised sum insured due to any amendments in the policy’s schedule or against your growing age.No pre-medical test required
Renewing your health insurance policy makes sure that you don’t have to go through any kind of pre-medical check-up to continue the policy further. You must inform your insurer if you have come across an ailment or been diagnosed with a disease during the policy period or renewal period.Uninterrupted coverage
A lag in filing for renewal may cause you inconvenience in getting any coverage benefits of the policy. Furthermore, the insurance company won’t cover any of your planned or emergency hospitalisation, hence any of the claims you make will be denied or rejected straight.No-claim bonus
If you renew your policy before its expiry, you are entitled to get a cumulative bonus that you’ve accumulated during the policy tenure. If your policy lapses, you won’t be able to get any enhancement over the sum insured or any discount over the payable premiums.Tax benefits
You can avail of the tax exemption benefits over all the premiums you’ve paid against your health policy under Section 80D of the Income Tax Act, 1961.
How to Avoid Policy Lapse?
Not renewing your health insurance policy can lead to the policy’s lapsation. However, you can avoid your policy’s lapsation by following these handy guidelines:
- Keep updated on your policy’s renewal date
- Activate email or SMS facility to get reminders
- Use the auto-debit method to not miss a renewal date
- Keep an eye on your policy’s grace period (generally, you get 30 days to continue your policy benefits)
Which is better: Policy Renewal or Policy Porting?
Here’s an illustrative table of benefits of health insurance renewal over insurance portability:
| Specifications | Meaning | Conditions on Renewal of Policy | Conditions on Porting the Policy |
|---|---|---|---|
| Approach a new health insurer | 45-60 days before the existing policy’s premium renewal, the policyholder needs to approach a new health insurer | No | Yes |
| Fill out the proposal form | Send the requested proposal form with all the undersigned details of the previous policy | No | Yes |
| Document verification | You need to go through extended verification with your previous policy’s benefits, personal details, claim status, medical history, etc | No | Yes |
| Final verdict of health insurer | The next insurer is freely entitled to either accept your request or reject it based on the thorough verification | No | Yes |
| Policy coverage lapsation | All the coverage benefits and other inclusions could be exhausted and you would be required to follow the new policy’s terms & conditions | No | Yes |
Things to Remember While Renewing Health Insurance Policy
Keep these pointers in mind while getting a renewal of your health insurance policy:
- Date of renewal for the policy
- Ascending requirements in your health policy
- Claim settlement facilitation/experience
- The comparative monthly premium of the policy
- Easy portability benefits for policy inclusions
- Adding or removing any family members
- Changes in sum insured or an optional cover
- Discounts on premium or cumulative bonuses
- Intimate your health insurer if any ailment/disease is diagnosed till the renewal period
Why is there a Grace Period in the Health Insurance Policy?
The grace period is an extended time frame that comes after the expiration of your policy. Grace period in health insurance helps you avoid a policy lapsation. With the Liberty Health Insurance renewal, you can avail of a grace period of 30 days to continue your policy. If you’ve paid your premiums during the grace period, it’ll allow you to receive the continuity benefits without any extra charges (you can not claim during the grace period of your policy)
End-Note
To avail of the adjoining benefits of your health insurance policy, it needs to be renewed once after a policy year. It’s always advised to keep an eye on what you require and what you’re getting. The same goes with health insurance, if you need additional benefits with it, the renewal period is the most suitable time for making alterations to your policy.
Do you have more queries regarding your Liberty Health Insurance renewal? Feel free to contact our customer care executives of PolicyX.com at 1800 345 0330.
