WHAT IS REINSTATEMENT IN INSURANCE AND HEALTH INSURANCE POLICY

Today due to the fast-paced lifestyle many people don’t keep an eye on health insurance renewal and many times, forget to renew it again before it expires. But many don’t know that they can still reinstate their insurance policy with their insurance provider and continue the same previous policy without losing out on any benefits. Here we are going to look at how reinstatement in insurance can be done by one and what are its benefits.

What Does 'Reinstatement of Health Insurance' Mean?

Reinstatement of health insurance is the process by which one can renew their lapsed or expired policy due to their neglect in renewing it on time or defaulting on their premium payments. Health insurance lapses can have a significant impact on one's health protection as one can lose on benefits such as hospital bill reimbursement, no claim bonus, and protection from any unfortunate accidents or any future health issues. One needs to immediately contact their insurance provider if they wish to renew their health insurance policy and get a reinstatement of policy. Reinstatement of health insurance policy can be costly as one would need to clear any pending outstanding that they have not paid along with agreeing to additional terms and conditions.

How Can One Get Reinstatement of Insurance?

The following are the ways one can get reinstatement of health insurance for themselves:

1. Renew in Grace Period

The grace period is the time provided by the insurance provider to the policyholder for getting their reinstatement of policy to avoid losing their benefits under the current one. Policyholders can avoid paying extra premiums and charges if they choose to renew the health insurance policy in the grace period.

2. Renew Within 6 Months Policy Lapse

One can easily renew their lapsed or expired health insurance policy within 6 months if they wish to by directly contacting their insurance provider and informing them of their decision of reinstatement of policy. If the renewal of a health insurance policy is done within 6 months one only needs to pay the premium along with interest.

3. Renewal After 6 Months of Policy Lapse

If one is trying to renew their health insurance policy after 6 months of it lapsing, then they may have to pay extra charges along with their premium. They also need to remember that it will completely depend upon the insurance provider to reinstate the policy as sometimes there may be a limit to renew.

Key Things to Remember Before Reinstatement of Policy

One needs to get the following things done before renewing their health insurance policy:

  • Get the Reinstatement Form: Make sure to get the correct reinstatement forms from the insurance provider to know the complete premium cost and charges that one might have to pay.
  • Get a Complete Medical Checkup: One good way to get the reinstatement of policy is to get a complete medical checkup to get proper health condition records. This helps health insurance companies determine if the policyholder is good enough to get reinstatement of health insurance.
  • Keep Good Health Status: By maintaining a proper and good health status over the years one can easily get the insurance company to renew their health insurance as it shows the fitness level of the policyholder to maintain good health and not fall sick on purpose or commit insurance fraud.

Benefits of Getting Reinstatement of Health Insurance

The following are the benefits of getting reinstatement of health insurance:

  • Cost-Effective: By getting a reinstatement of health insurance one can be cost-effective as it is less costly than getting a new health insurance policy.
  • Continued Protection: One can easily get the continued protection without waiting when they reinstate their policy as compared to getting a new one.
  • Avoid Financial Losses: Getting a new insurance policy can be costly as compared to reinstatement of old health insurance.
  • Peace of Mind: One can have good peace of mind by getting their health insurance reinstated and enjoying life without worry.

Conclusion

Insurance lapse can be a serious problem if one is not careful. Many times, people forget to renew their insurance policy which can result in lapsing or cancellation of their insurance policy but one can avoid such issues by getting a reinstatement of health insurance from their insurance provider by paying any pending premium cost and charges that have been accumulated. Now, one can easily get their new health insurance policy or reinstate an old one in just a few easy steps from Quickinsure by visiting the official website and comparing various available plans and getting the one that meets their requirements.

FAQs - Frequently Asked Questions

Q1. Is one still able to get the same benefits when reinstating their insurance policy?

Yes, one can continue to get the same benefits when reinstating their insurance policy.

Q2. Why should one avoid insurance lapse?

One should always try to avoid the insurance lapse as it can be a big hassle to get it reinstated and avoid paying extra charges.

Q3. How long does it take to get reinstatement of health insurance?

An average of 30 days is taken by the insurance company to reinstate the previous insurance policy of the customer.

Q4. Where can one get their insurance policy renewed or reinstated?

One can easily get their insurance policy renewed or reinstated from Quickinsure by visiting their official website- https://quickinsure.co.in/ and comparing various available plans and getting the one that meets their requirements.

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