Advantages of renewing your policy on time:
1. A bonus of 5 percent is added to one's sum for every claim free year. This is applicable to a limit of 40 to 50 percent which mainly depends on the insurance provider.
2. If one has renewed prior to the expiry, one is liable for compensation of expenses. It is also applicable in the cases when one has a claim in the subsequent day of the renewal date.
Disadvantages of renewing your policy on time:
1. If one has an authorized that is registered prolonging ailment, then one would be covered for it after three to four years, starting form the date in which your health insurance policy is valid. If one forgets or for any other reason is unable to renew on timely basis, then one is certain to wait for 3 to 4 years for the critical illnesses or diseases to be considered in his or her policy.
2. In cases, where one has made a claim, then it is all the more essential to renew one's policy on time, else this claim will be taken as a prolonging disease and one's premium is likely to go much high for the new plan.
One must renew their policy before it lapses or carries on further as this will help you in availing for full advantages of your health insurance plan.
