Frequently Asked Questions renewal and no claim bonus Questions and Answers Related To renewal and no claim bonus

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Health Insurance Claim Assistance

1 What does renewal for whole life mean?

It means the policy does not have any exit date, and can be renewed lifelong unless cancelled by insurer due to misrpresentation or fraud.

2 What is portability or porting of health insurance?

An individual health insurance policy holder (including family cover) can transfer the benefit gained by the policyholder for pre-existing conditions and waiting period exclusions, in case he/she wants to switch from one insurer to another, provided the previous policy has been maintained without any break. This is called portability

3 If my sum insured gets exhausted, can I buy another policy before renewal?

You may avail Restoration benefits offered as a part of your policy cover. Please check restoration and reinstatement benefits before buying a policy

4 What is continuity benefit ?

When you renew a health insurance plan year after year without a break you get continuity benefit which reduces or negates your waiting period exclusions - in your existing policy or even if you port your policy

5 What is renewal of health Insurance ?

Renewal defines the terms on which the contract of insurance can be renewed on mutual consent with a provision of grace period for treating the renewal continuous for the purpose of all waiting periods.

6 What do you mean by no-claim bonus / cumulative bonus /

This is a bonus Sum Insured given to you by insurer without increasing premium for it. This is typically given after a claim free year. To be more precise - Cumulative Bonus means any increase in the sum assured granted by the insurer without an associated increase in premium.

7 What are the documents required to port your policy?

1.Proposal form of new insurer. 2. Portability form. 3. Copy of expiring health insurance policy. 4. Copy of renewal notice. The documents are recommended to be provided 45 days ahead of the expiry of your current policy.

8 What is the meaning of Grace period?

Grace period means the specified period of time immediately following the premium due date during which a payment can be made to renew or continue a policy in force without loss of continuity benefits such as waiting periods and coverage of pre existing diseases. Coverage is not available for the period for which no premium is received.

9 will my insurance policy be renewed if I make a claim

Yes, policy will be renewed. In some cases the bonus may be reduced or wiped out, but base benefit will continue.

10 Is porting allowed from group policy to individual policy?

As per new guidelines from IRDA, you can port from a group policy to individual policy, subject to underwriting