Transcription of the above video : Things you should Know about Health Policy renewability
Many customers visit us and the mutual problem they face is the problem of Renewability. Customers always have a complaint that their policy is not renewed and their Health Insurance has suffered due to this. So, understand this thing very clearly that according to IRDA, all Health Insurance plans are guaranteed for renewability. It means that no Health Insurer can deny renewing your policy if you have paid the premium within time. For example, if your policy is expiring on 31st march, ideally you must pay the premium amount before 31st march in order to renew your policy. It is to be noted that 15 days of grace period is given to pay the premium. However, if you have paid the premium after the grace period, then the company has the right to deny your renewal.
If the company is refusing to renew your policy due to your claim experiences, then you can approach the government bodies such as IRDA and the ombudsman office. You can approach Insurance Samadhan too. We, Insurance Samadhan, are the consumer’s voice who would help you to renew your policy. The objective is very clear that every insurer is bound to the rules of IRDA irrespective of the claim experience. However, a renewal claims can only be rejected due to the above-mentioned factors.