Importance of renewing your Health Insurance plan annually
Health insurance is an essential investment for a comfortable future, more so in today’s time than ever before. The widespread pandemic and rising medical costs, along with an increase in lifestyle diseases, have established the long-term importance of health insurance. A good health insurance scheme with sufficient medical cover gives protection from unexpected and enormous financial strains of bearing hospital bills. It also offers additional perks such as wellness benefits, bonuses in the form of increased cover, and customized add-on covers for specific illnesses. Health Insurance in India is mostly an annual policy, meaning the premium is payable each year and the policy has to be renewed every year to keep it active. You can also get long-term policies of up to three years. Why is it important to renew a health insurance plan? Out of pocket expenses: Should you choose not to renew your health policy it would result in the policy getting lapsed. As a result, the medical cover wo...