Friday, February 27 2026
Source/Contribution by : NJ Publications

Health insurance is one of the most important financial safety nets for you and your family. While buying a health insurance policy is a crucial step, renewing it thoughtfully is equally important. Many policyholders treat renewal as a routine payment exercise, but this is actually the best time to review, upgrade, and optimize your coverage.

Here are the key things you should always do when renewing your health insurance policy.

Always Consult Your Insurance Sales Person at Renewal

One of the most important yet often ignored steps is consulting your insurance sales person or advisor before renewal payment. Every year or two, Health insurance policies come with new product features, new add-ons/riders, revised limits or exclusions and changing premium structures (better discount options).

Your insurance advisor can:

• Explain changes in policy terms or benefits

• Suggest suitable upgrades or add-ons/riders

• Help you compare alternatives within the same or different insurer

• Guide you on value oriented options

• Assist with member additions or deletions

• Guide you according to your family’s changing health profile

A quick discussion with your Insurance Sales Person can help you avoid costly mistakes and ensure your policy continues to meet your needs. 

Increase Coverage (Sum Insured) at the Time of Renewal

Healthcare costs are rising rapidly, and hospital bills today are far higher than they were even a few years ago. Therefore, the cover that seemed adequate a few years ago may fall short today. Renewal is the ideal time to enhance your coverage, as insurers are more open to offering higher sums insured at this stage.

Reasons to consider increasing your sum insured:

• Rising hospital and treatment costs

• Expensive advanced medical treatments

• With age increase, likelihood of hospitalization also increases.

• Changes in lifestyle or health conditions

Most insurers allow sum insured enhancement at renewal with minimal documentation, especially if you have a good claim history. 

There is another option of buying a Super Top-up policy. This acts as an extension to your base policy and kicks in once your base sum insured is exhausted. It is often a cost-effective way to double or triple your coverage.

Opt for Useful Add-ons / Riders to Widen Coverage

Health insurance policies provide essential hospitalization & daycare coverage, but add-ons or riders can significantly enhance protection. 

Some useful add-ons include:

• Room rent waiver: If your policy has a cap on room rent, upgrading to a better room will result in a deduction on your claim. This rider removes limits on the room category. 

• Consumables cover: In hospital bills, upto 10 - 15% of the cost is for gloves, masks, PPE kits, and syringes—items standard policies often do not cover (pay). A consumable rider covers these & other listed non-payable items.

• No Claim Bonus / Guaranteed Bonus: In no claim bonus add-on, if there is no claim in the entire year, your cover increases upon renewal (usually by 10% to 50%). With guaranteed bonus add-on, the cover grows every year even if you make a claim, giving you steadily increasing protection and peace of mind.

• OPD cover: It covers everyday healthcare expenses like doctor consultations, diagnostic tests, and medicines—healthcare expenses that do not require hospitalization.

These riders come at a relatively small additional premium but can save substantial out-of-pocket expenses during claims.

Check Deductible or Co-pay Options to Reduce Premiums

Looking to balance strong coverage with affordable premiums? Consider opting for a deductible or co-payment option at renewal.

• Deductible: This is an amount you agree to pay from your own pocket before the insurance claim is made. For example, if you choose a deductible of ₹25,000, you pay the first ₹25k of first claim of the year, and the insurer pays the rest amount and claims. This significantly lowers your premium.

• Co-pay: A percentage of the claim amount you agree to pay on each & every claim made. (e.g., 10% or 20% of claim amount)

These options can significantly reduce premiums. However, this decision should be taken carefully after consulting your insurance sales person. He/she can help you choose the right structure based on your financial comfort and health profile.

Explore Discounts on Multi-Year Policies

Why pay every year when you can pay once for two or three years? Insurance companies offer discounts for opting for multi-year policies. By paying the premium for 2 or 3 years in a single tranche, you can often save between 5% to 15%.

Benefits include: > Lower premium compared to annual renewal. > Protection from yearly premium hikes. > Less hassle of remembering renewal dates. > Continued accumulation of waiting period benefits.

Include a Personal Accident Cover

Health insurance covers hospitalization expenses, but it does not compensate for disability or loss of income due to an accident. A Personal Accident (PA) cover typically offers:

• Compensation for accidental death

• Coverage for permanent or partial disability

• Loss of income benefits upto Rs 50,000/week.

This cover is affordable and highly beneficial, especially for earning members of the family.

Read the Health-Related Declaration Carefully

At renewal, if you are making any change or increasing cover in your policy, insurers may ask you to fill or confirm a health-related declaration. Do not auto-check this box. It is extremely important to read this carefully and disclose any new medical conditions, treatments, diagnoses or lifestyle habits like tobacco/alcohol/smoking, etc;.

Non-disclosure or incorrect information can lead to: > Claim rejection, > Policy cancellation, > Reduced claim payouts

Honest and accurate disclosure ensures smooth claim settlement and long-term policy reliability.

Conclusion

Health insurance renewal is your opportunity to upgrade, optimize, and strengthen your health protection. By consulting your insurance sales person, enhancing coverage, choosing the right add-ons, managing premiums smartly, and keeping your policy updated, you ensure your health insurance truly works when you need it most.

Renewal should be a well-thought-out decision, not just a transaction. Instead of auto-renewing blindly, renew smartly with expert advice.

Stay Covered, Stay Secure.

Friday, January 23 2026
Source/Contribution by : NJ Publications

Health insurance is one of the most important financial protections for a family today. Medical costs are rising every year, and a good health insurance policy can save you from heavy financial stress during medical emergencies.

Many policyholders, at some point, feel unhappy with their existing health insurance company due to premium increases, service issues, claim problems, or better options available in the market. This is where Health Insurance Portability comes into the picture.

What Is Health Insurance Portability?

Health insurance portability is the facility that allows you to shift your existing health insurance policy from one insurance company to another without losing certain benefits you have already earned.

In simple words, it means:

• You can change your insurance company

• While continuing with your accumulated benefits such as waiting period for existing diseases, cumulative bonuses, etc;

What exactly is being "Ported"?

When you buy a new health policy, you usually have to serve waiting periods (e.g., 2 to 4 years for pre-existing diseases like Diabetes or Thyroid, and 2 years for specific surgeries like Cataract or Stones).

If you have already held a policy for 5 years with Company A, you have "served" these waiting periods. When you port to Company B, Company B agrees to respect that time. They will not ask you to wait another 4 years to cover your Diabetes. This transfer of "time served" is the heart of portability.

When Should You Consider Porting Your Health Insurance?

Portability is useful in certain situations. You may consider porting your policy if:

1. Poor Claim Experience

If your insurance company has:

• Delayed claims unreasonably

• Partially or fully rejected claims irrationally

• Poor customer support

then porting to a more service-oriented insurer may be beneficial.

2. Limited Hospital Network

If your insurance company does not have:

• Good and large number of network hospitals in your city

• Cashless facility in major hospitals

you may think of porting to an insurer with a wider or better network of hospitals.

3. Inadequate Coverage

If your current health insurance policy:

• Has low sum insured (risk cover amount)

• Does not offer modern treatments

• Lacks features like room rent flexibility, sublimits on certain treatments, etc;

then switching to a better-coverage policy may help.

4. Unreasonable Policy Conditions

Some old health policies have:

• Disease-wise sub-limits

• Room rent capping

• Co-payment clauses

Porting can help move to a policy with fewer or no such restrictions.

When You Should NOT Port Your Health Insurance?

Porting is not always the right decision. In many cases, staying with your existing insurer is better.

• Why You Should Not Switch for Minor Savings in premium.

In India, we love a good bargain. If Company A charges ₹25,000 and Company B charges ₹22,000, the natural instinct is to switch to save ₹3,000. This can be a dangerous mistake.

• The "Teaser" Rate: New insurers may offer low premiums to attract you. Next year or two, they might hike the premium, bringing you back to square one.

• Hidden Clauses: That cheaper policy might have "Room Rent Capping" (e.g., they only pay for a semi-private room) or a "Co-pay" (you pay 20% of every bill). Your existing policy might have been paying 100% of the bill.

• Issues in Claim Settlement: You might be saving ₹3,000 but moving to a company that has more issues in claims than your current one. Is that saving worth the risk during a medical emergency?

Golden Rule: Never port only because the premium is slightly lower. Port only if the value (features + service) is better.

• If You Have A Pre-Existing Diseases

If you already have conditions like:

• Heart disease

• Diabetes with complications

• Cancer history

• Kidney issues

In such a scenario, porting can be risky because the new insurer may reject the proposal. Or it may impose permanent co-pay or limits. Resulting in a reduced coverage.

• Planning for a medical treatment.

If you are planning: Surgery or a Hospitalization treatment in the coming days / months. Do not port your policy just before or after the treatment. Claims during such transition can become complicated.

Remember - Your old (existing) insurance company cannot deny your renewal, but a new insurer can deny your portability.

• Age Above 55 years.

Portability becomes difficult as you age. New insurers are often reluctant to take on senior citizens who might claim soon. If you have a stable policy at age 55, hold onto it tight.

• If Your Existing Policy Is Old but Comprehensive

Many old health policies can still work as good as new. There may be fewer exclusions, no sub-limits or deductions. If there are no major issues with the old policy, it should be retained.

Important Things to Keep in Mind While Porting

1. Port request should be given well in advance

Portability request must be made: At least 45 days before policy renewal. Not a few days before renewal due date. Missing this window can lead to rejection or a gap in insurance coverage.

2. Disclose All Health Information Honestly

Always disclose: All past & existing illnesses completely and correctly. Inform about past surgeries. Also provide information on current medications and lifestyle habits like alcohol / tobacco, etc; Hiding any such information can lead to a claim rejection or policy cancellation later.

3. Porting Is Not Automatic

Porting is subject to approval by the new insurer. They may accept or accept with conditions or reject.

4. Check the Sum Insured

If you have a ₹3 Lakh policy (including cumulative bonus) and porting to a ₹5 Lakh policy, the "Portability Benefits" (no waiting period) apply only to the first ₹3 Lakh. For the extra ₹2 Lakh, you still have to serve a waiting period.

5. Check the First Policy Inception Date

After the porting process is completed and you receive the new policy document, it is important to check the first policy inception date. This date should be the same as your old (previous) policy’s inception date. If it matches, everything is correct.

For example, if you bought a health insurance policy in 2022 and ported it to a new insurer in 2025, the first policy inception date on the new policy should still be 2022, not 2025.

Why Should You Always Consult Your Insurance Advisor?

A qualified insurance advisor: Understands policy benefits and its working, knows claim settlement records, evaluates long-term suitability and not just premium.

An experienced Insurance Advisor acts as your safety net. They can:

• Decode the Policy: Tell you exactly what you are losing by leaving your old insurer.

• Assess Your Risk: Tell you, "Sir/Ma'am, with your medical history, Company B will likely reject you. Let's try Company C or stay in the existing company."

• Handle the Paperwork: Portability requires strict coordination between the two insurance companies. An advisor chases them so you don't have to.

Never take a porting decision in haste or based on advertisements alone.

Final Thoughts

Health insurance Portability is a powerful right given to you. It stops insurance companies from taking you for granted. However, it is a tool that must be used with caution. It is not meant for switching unnecessarily or unreasonably.

You should port your health policy: Only when there is a genuine service or coverage issue. After understanding all the advantages, limits & conditions and after consulting your insurance advisor.

You should not port: Just because of a minor premium difference. Remember, health insurance is not about saving a few thousand rupees today-it is about protecting lakhs of rupees tomorrow.

Take informed decisions, stay insured wisely, and always prioritize coverage & service over price.

Friday, December 26 2025
Source/Contribution by : NJ Publications

We Indians are great planners. We plan our weddings months in advance, we plan our children’s education years before they start school, and we even plan our retirement savings. But when it comes to buying Life Insurance, many of us have a common approach: "I’ll do it later."

Life Insurance is a promise-a financial safety net that replaces your income if something unfortunate happens to you. It ensures that your family can pay the bills, the house rent or EMI, and school fees even in your absence.

This article explains the ideal time to buy life insurance, why buying early is beneficial, the things to take care of while choosing a policy, the importance of consulting an insurance expert, and why you should choose a policy term up to age 65.

So, the big question is: When is the right time to buy this crucial safety net? 

The Simple Answer: The Sooner, The Better

Ideally, you should buy it when: You start earning, You get married, You have dependents or take financial responsibilities, You take a loan, like a home loan or business loan. But among all these moments, the absolute best time is when you are young and healthy.

Here’s why: Because in insurance, age and health are crucial factors that decide how much money (premium) you have to pay. Think of it like buying an umbrella. You buy it before the rainy season starts. If you try to buy an umbrella when it is already pouring heavily, it might be unavailable or very expensive.

Benefits of Buying Life Insurance Early

a) Lower Premiums - Your age and health condition directly affect your premium.

• Young people are usually healthier. You are less likely to have lifestyle diseases like diabetes, blood pressure, or heart issues. 

• Lower health risk means cheaper premiums. Because the risk is lower for the insurer, they offer you policies at a much lower cost.

For example, a 30-year-old non-smoker male may pay ₹11,350 per year for a 1 Crore Sum Assured term plan. The same plan might cost ₹21,000 per year for a 40-year-old.

b) Locking the Price: With most term life insurance policies, the premium you pay in the first year remains the same throughout the entire policy term. If you buy a policy at age 30, you will pay the same low amount even when you are age 50. But If you wait until you are 40 to buy the same policy, your premium could be double or triple the amount.

c) Easier Medical Approval - Younger individuals typically face fewer medical examinations and fewer chances of rejection.

d) Comprehensive Coverage - Buying early ensures you get coverage throughout your most important life stages: marriage, children’s education, home loan and other life goals.

e) Peace of Mind - Knowing your family’s future is protected gives emotional security, regardless of what happens.

Key Life Moments When You Must Consider Buying Life Insurance

Even if you missed buying early, it’s essential to buy a policy during these stages:

a) Starting Your Career - Buying a plan early locks in low premiums for the entire term.

b) Getting Married - Your spouse becomes financially dependent on you. Life insurance becomes essential.

c) Becoming a Parent - This is one of the strongest reasons to buy life insurance.
Your children’s future expenses-education, skills, higher studies-need financial security.

d) Taking a Loan - If you have a home loan or business loan, life insurance ensures your family is not burdened with repayment if something happens to you, and not forcing them to sell the house.

Things to Take Care of While Buying Life Insurance

Buying life insurance should be done carefully. Here are the most important things Indian clients should consider:

a) Understand Your Coverage Need

A common rule is: Life cover = 15 to 20 times your annual income.

Example: If you earn ₹10 lakh per year, your life cover should be at least ₹1.5 – 2 crore.

This ensures your family can handle long-term needs.

b) Choose the Right Type of Life Insurance

There are different types of policies:

• Term Insurance (pure protection, most affordable)

• ULIPs

• Endowment Plans

• Money-back Plans

c) Check the Claim Settlement Ratio

Choose insurers with a high claim settlement ratio (CSR).
A higher CSR means the company settles most claims without complications.

d) Be Honest in Your Application

Always provide accurate information to insurance company about:

• Medical history

• Smoking/drinking habits

• Existing policies

• Occupation, Income, Education, etc;

Incorrect details may lead to claim rejection and/ or policy cancellation.

f) Useful Riders include :

• Critical Illness Rider

• Accidental Death Rider

• Waiver of Premium Rider

These enhance your overall protection at a small extra cost.

For how many years should I take the policy?

Let deep dive:

a) Your Active Income usually stops around age 60–65

Life insurance is designed to replace lost income. Meaning, incase of your death, family gets financial support from the insurance company. Since most people retire around 60–65, coverage till that age is sufficient.

b) Premium Becomes Too High Beyond age 65

Insurance after age 65 becomes expensive and often unnecessary. Upto age 65, the policy is balanced with high coverage with appropriate premium charged and considered high value for money.

c) By 65, Major Responsibilities Are Completed

By this age: Children are usually independent, Loans are repaid, Retirement funds are in place

So life insurance needs to be reduced naturally.

To conclude -Life insurance is meant to replace your income while you are working. Once you retire, you stop earning a salary. Ideally, by retirement, you have no financial dependents and you should have enough savings (provident fund, mutual funds, assets) to support yourself and your spouse.

Consult an Insurance Expert

Consulting a trained and certified insurance expert has many advantages:

a) Personalized Guidance

Life insurance is a long-term contract. Therefore, the role of an expert who understands your: Income, Family structure, Financial goals, Loans, Risk profile is crucial.

Based on this, the insurance expert recommends the best plan for your needs.

b) Avoiding Wrong Decisions

An expert helps you avoid:

• Taking lower coverage

• Choosing a longer policy term

• Selecting the wrong type of policy

c) Understanding Terms & Conditions

Insurance coverages, policy terms & conditions can be complex to understand. A certified insurance expert explains everything in a simple language.

d) Claims Support

An Insurance expert helps you navigate the journey of insurance claims, reducing stress during difficult times.

Final Thoughts: Don’t Wait - Start Now

Life insurance is not something you buy when things go wrong. It is something you must buy before things go wrong. Waiting for the "perfect time" to buy life insurance is a gamble with your family's financial future.

Treat life insurance not as an expense, but as an essential foundation of your financial plan. It is an act of love that ensures your family maintains their dignity and lifestyle. Don't overthink it. Assess your needs, consult an expert, and get insured.

The best time to buy life insurance was yesterday. The second-best time is today.