What is Lifelong Renewability of Health Insurance?

Posted on: Mar 2, 2022 | | Written by:

What is Lifelong Renewability of Health Insurance?

Published on March 9, 2022. EST READ TIME: 3 minutes

In health insurance policy, there is a clause called lifetime renewability which allows you to renew the coverage without re-qualifying for a new health insurance policy. This option to renew the plan for a lifetime offers the much-needed health insurance coverage for life.

According to the Insurance Regulatory and Development Authority of India (IRDAI) directive, insurers should offer a health insurance policy with a lifetime renewability facility. Insurers cannot reject the renewal of the policy unless it is a fraud, misrepresentation or opting for a health insurance plan for false claims.

Advantages of lifetime renewability in medical insurance

During medical emergencies, health insurance acts as an excellent financial safeguard. Lifetime renewability provided a financial safety net, especially to senior citizens during their retirement. Here are a few advantages of that clause.

• Due to no age bar, you continue to receive health insurance coverage for life.

• There are no restrictions such as a waiting period for certain pre-existing diseases. Purchasing a new insurance plans may need medical tests or waiting periods for pre-existing diseases.

• With age, it becomes difficult to get coverage, and the possibility of a higher premium amount increases as the perceived risk increases. Hence, the option to renew the plan for a lifetime reduces the uncertainty of higher health insurance costs.

• It helps manage rising healthcare costs with financial security for life.

Due to sky-rocketing healthcare costs, the importance of the lifelong renewability of health insurance has only increased.

Points to remember when renewing a health insurance policy with a lifetime facility

While choosing a health insurance with a lifetime facility, consider the following points while planning to buy the right type of health insurance for you and your family.

• Do a thorough research and compare different health insurance plans online to understand the features and benefits better.

• Priceshould not be the only criterion while choosing a good health insurance plan.

• Check the inclusions and exclusions to avoid claim rejection in the future.

• Go for an insurer who has a good brand reputation in the industry.

• Choose digital insurers since they have the option to buy or renew the policy, and raise claims through their online platform for a stress-free experience.

Conclusion

A good health insurance policy is very important for you and your family. When it comes to our parents, we opt for senior citizen health insurance. But if right from the beginning you opt for a health insurance policy with the lifetime renewability clause, it makes it easier during retirement and eases off financial burden. So, do your research properly and opt for the best health insurance in India.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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