Edelweiss Health Insurance Renewal Process in India
Edelweiss General Insurance is part of Edelweiss group, one of India’s leading financial services conglomerates, offering products and services for a diversified client base across domestic and global geographies. Established in the year 2017, the company is into general insurance, car/ bike, and health insurance with an annual claim settlement ratio of 99.72 percent from 476 offices across the nation with close to 11,000 employees.
Edelweiss Health Insurance offers edelweiss premium payment in three variants as follows – Silver, Gold, and Platinum with the sum insured limit as follows: Silver Plan – up to Rs. 5 Lakhs, Gold Plan – up to Rs. 20 Lakhs and Platinum – up to Rs. 1 Crore. Now, you must know about the Edelweiss health insurance renewal process, in case you are an existing policyholder.
In This Article:
Why Renew your Health Insurance Plan?
Renewal of your health insurance plan is very important to ensure that the policy protects you against medical emergencies. Health insurance is a vital investment for everyone and hence every precaution to safeguard us and our family members needs to be taken to ensure it is in good standing.
By not making the Edelweiss premium payment on time, you are risking the coverage and also the other benefits that come along with the policy such as no-claim bonus, free medical check-ups, daycare procedure claims, etc.,
Edelweiss Health Insurance Renewal Process
Edelweiss’s general insurance policy renewal is simple, particularly if it is completed online.
Just follow the steps below, for a smooth renewal:
- Step 1. Visit the official site of Edelweiss health insurance, edelweissinsurance.com
- Step 2. Under the renewal section, click on ‘Health’
- Step 3. Enter the insurance policy number, as well as the date of birth of the insured person.
- Step 4. Confirm if the policy details match with those in the documents and proceed with payment.
- Step 5. Complete the payment using your debit or credit card, online banking, or net banking.
Edelweiss Health Insurance Offline Renewal Process
Apart from Edelweiss general insurance online renewal, there is another alternative method to renew the health insurance plan which is by calling their customer service department or visiting the nearest branch office of the company. Contact the customer service number at 1800-123-4003 and speak with the executive who will guide you with the renewal process.
Benefits of Health Insurance Renewal
Renewal of the health insurance plan quickly is vital to ensure that you have coverage for the long haul. If your insurance policy is not renewed, you will not be able to cover medical expenses. You will be left unprotected by the insurance company if your policy is not renewed on time. This also leads to many other benefits being withdrawn.
Here are a few essential benefits that you can be expecting if you renew your policy quickly.
- The premium of health insurance policies wouldn’t increase if renewed before the expiration date or else you may be forced to pay the renewals along with penalties, which will only increase the total cost of the premium.
- No-claim bonuses are a form of reward offered by the insurance company as an increment in the coverage value if you do not file claims in the previous policy year. Regular renewals ensure the continuation of no claim bonuses, which is an additional value to your overall coverage.
- By making the renewals on time, the waiting time is greatly reduced as it could take more than the time frame specified in time to complete the waiting period in the event of a policy that expires. Thus, an early renewal of the insurance policy guarantees that the waiting time is completed as scheduled.
- The grace period begins the moment your policy is set to expire. Be sure to file a claim, if required while the policy is in effect but not during the grace period. The grace period could last between 15 to 30 days as per the terms of the health insurance policy. If you do not renew your health insurance policy on time, you’ll have to see the existing policy getting canceled. Then, you’ll need to purchase a new health insurance plan for health insurance making the waiting time reset back to zero. Therefore, on-time renewal of your insurance ensures your claims can be approved if required, without the worry of waiting time.
Things to Consider while Renewing your Health Insurance
To help you make an educated decision regarding the renewal of your health insurance policy renewed, here are some tips for your assistance:
- Opting for Higher Coverage: Policyholders have the option of increasing the sum insured when renewing. You may choose to increase the amount insured after taking medical tests and rewriting the coverage details. Do remember that a policyholder cannot choose to claim an amount that is higher than the amount covered by the policy. Therefore, the insured may choose to buy a new health insurance policy or top-up plan only.
- Grace Period: As a policyholder, you must be aware of the renewal due date of the health insurance plan. In the event of the policyholder not being able to renew health insurance before the due date, the insurance company will give fifteen to thirty days as a grace period, in which they can pay for the due premium. If the premium is not paid within the grace period, the health insurance policy is terminated and the insured will not be able to benefit from accrued benefits if they are any.
- Tax Benefits: Premiums that are paid to healthcare insurance policies carry tax benefits, which you need to note, according to your tax slabs. According to section 80D of the Income Tax Act, 1961, a policyholder can choose to deduct the premium payments within the scope of deduction, which adds benefit to his or her income tax outgo.
- Notifying New Diseases: To ensure an effective claim settlement process in the future, you need to be upfront about the details about medical conditions that you may have developed in one year. If so, it can be mentioned at the time of renewal, so you have covered that particular condition also, in the future.
Finally, be sure to read the policies carefully and look for any new conditions that may have been added by the insurance company for the renewal year. If you own an Edelweiss health plan, we recommend you consider Edelweiss general insurance policy renewal on time. Doing so shall give you and your family, peace of mind, eliminating the fear of uncertainty and doubt.