Bajaj Allianz Health Insurance Renewal

A good health care coverage plan will not only provide you with financial assistance during a personal medical crisis but will also offer various kinds of essential benefits. As health insurance policies are based on a specific time duration, individuals will have to renew their policy before its expiration in order to keep experiencing seamless medical coverage. Individuals, who are looking to get their Bajaj Allianz health insurance renewal settled, can easily do so by following the simple and basic guidelines, which can be found further down. 

The Bajaj Allianz health insurance policy can be renewed over the internet or by visiting any of the official branches available locally. Individuals must carefully verify the term period of their respective health insurance policies and get them renewed before their validity ceases. Also, at the time of getting Bajaj Allianz health insurance renewal done, individuals must inform about any new illnesses beforehand to evade any difficulties when claiming insurance in the future.

The Online Renewal Procedure of Bajaj Allianz Health Insurance Policy

These are the few easy steps included in the Bajaj Allianz health insurance renewal online procedure: 

1. Navigate to the official Bajaj Allianz health insurance website.
2. Select the “Renew” option from the dropdown menu.
3. Choose the type of health insurance you want to renew.
4. Mention the existing policy number, date of birth of the policyholder and other required details to proceed further.
5. Verify the policy details carefully and then advance to pay via the preferred option of payment.
6. The verification email regarding the Bajaj Allianz health insurance renewal online payment will be sent to your registered email address, alongside the insurance renewal details.

This has been the renewal procedure of Bajaj Allianz health insurance through the official website of the provider. 

The Offline Procedure of Bajaj Allianz Health Insurance Policy Renewal

Individuals who want to opt for the Bajaj Allianz health insurance renewal via the offline method can do so by calling their toll-free number, which is 1800-2700-700, and contacting the Bajaj Allianz health insurance professionals regarding any related concerns about the process. Otherwise, individuals can also visit any of the Bajaj Allianz health insurance branches located near them to get the health insurance renewal done.

Benefits of Renewing Bajaj Allianz Health Insurance Policy

These are some of the benefits of Bajaj Allianz health insurance renewal:

1. Inclusion of Additional Family Members

At the time of an existing Bajaj Allianz health renewal, additional family members can be added to the coverage plan. This is a great option that comes in handy when a family member requires higher medical coverage for their illness than what the normal coverage plan type offers. Under this option, the policyholder can include their children or spouse if the need for it arises.

2. Benefit of Porting an Existing Plan

With this, policyholders have the ability to port their existing health insurance coverage plan to a brand new policy or different healthcare provider without losing any of the continued benefits such as free health care check-ups, no claim bonus (NCB), lower waiting periods, etc. This allows the insured party to switch to different health insurance coverage at the time of Bajaj Allianz health policy renewal if they are not satisfied with the current coverage policy or its provider.

3.  Accumulated No Claim Bonus (NCB)

If policyholders go on a health insurance term year without filing any claims, they are offered a special kind of reward called the no claim bonus (NCB), the value of which increases to a certain degree with following claim-less years. This NCB allows the insured to get more coverage for the exact or lesser insurance price with the identical coverage plan. This benefit can be lost if the insurance renewal is not made within the scheduled time frame.  

4. Waiting Tenure

There’s a waiting period on policy initiation, which you can avoid by renewing your Bajaj Allianz health insurance policy on time. This will significantly decrease that time, and you will be able to stay covered under the health insurance policy without any gap. If you fail to renew your coverage within the grace period, then the policy will lapse, and you will have to go through the new policy initiation and its waiting period again. Thus the gapless coverage stands out as a major benefit of the Bajaj Allianz health insurance renewal.

5. Benefits of Tax

You are not just getting financial aid during a medical crisis with the Bajaj Allianz health insurance but are also eligible to get tax breaks for the premiums paid under Section 80D of the Income Tax Act, 1961. The highest limit of tax deduction that you can receive under this section for paid premiums in a year is up to INR 1,00,000. However, failing to get your health insurance renewed on time will make you ineligible for this kind of tax exemption. 

6. Increase the Sum Insured Value

Insurance companies allow the policyholder to extend the sum insured (SI) value of their coverage at the time of its renewal. It is the maximum amount that the insurance company can pay to the insured in case any of them suffered damage or loss. The SI increases by 5% for the first break-free and claimless year and by 10% for the following claim-free renewals. The maximum limit of SI increment is set to 50%, and it is a great benefit that can be availed by renewing your Bajaj Allianz health insurance on time.

Things to Keep in Mind During Bajaj Allianz Health Policy Renewal

1. The time to make additional changes to your existing health insurance policy is during its renewal. Thus, if the policyholder wishes to make adjustments to their existing health insurance coverage plan, they can do so during the time of Bajaj Allianz health insurance renewal. Also, carefully verify the plan details after making any changes to the existing Bajaj Allianz health insurance plan.
2. The addition and removal of members to the existing plan can also be made during the Bajaj Allianz health insurance renewal.
3. In case the policyholder fails to get their Bajaj Allianz health policy renewal settled within the deadline, the company offers a grace period of 30 days, within which the renewal has to be positively completed. If the individual fails to renew the plan even within the grace period, then the policy will lapse and the continued benefits will be lost.

The Bottom Line

It doesn’t really matter how careful of a lifestyle you are leading; a medical crisis can occur to anyone and at any time. The best way to keep yourself and your family secure financially and medically at the time of such a crisis is to get proper health insurance coverage. As healthcare policies are specific term or duration-based, they are required to be renewed before their coverage period expires. in order to maintain the medical benefits and retain continued benefits, such as the No-Claim Bonus (NCB). These are some of the essential reasons behind getting your Bajaj Allianz health insurance renewal settled on time.