Health insurance is one of the most important ways to protect yourself and your family from unexpected medical expenses.
Yet, many policyholders forget or delay renewing their plans — often without ever making a claim.
The reasons vary — some point to increased renewal premiums, others rely on employer-provided coverage, while a few find the lump-sum payment model inconvenient.
But skipping renewal can lead to serious consequences, including losing all your policy benefits and claim eligibility.
What Happens When Your Policy Term Ends?
Most health insurance policies are valid for one to three years, depending on the coverage type and the sum insured.
Once the term ends, your policy coverage stops unless you renew it.
Insurers usually give a grace period of up to 30 days to pay the renewal premium.
If you miss that window, your policy lapses, and any claims after that date will be rejected.
Importantly, there’s no refund of premium even if you haven’t made a single claim during the policy term.
Refunds are only allowed when you cancel the policy during the free-look period (15–30 days after purchase), and even then, some cancellation fees may apply.
Sometimes, insurers themselves may decide to discontinue a plan as part of product updates or regulatory changes.
According to Manish Dodeja, COO of Care Health Insurance, such discontinuations are meant to “provide better coverage and align with evolving healthcare needs,” not as a reflection of customer risk.
What You Should Do When Your Policy Is About to Expire
When your health insurance term is nearing its end, your insurer usually sends reminders via calls, texts, or emails.
Renewing online is quick — it often gets processed instantly or within 24 hours.
If you’re satisfied with your insurer, it’s wise to renew your existing plan, as you can earn a No Claim Bonus (NCB) that increases your sum insured. However, you also have other options.
Port Your Policy to Another Insurer
You can switch to another insurance company without losing your accumulated benefits — this is called porting.
It’s not the same as buying a new plan. You keep your coverage and NCB, but with a new insurer.
The Insurance Regulatory and Development Authority of India (IRDAI) requires that you start the portability process at least 45 days before your current policy expires.
Migrate to a Different Plan
You can also migrate to a new plan within the same insurer. In such cases, you may even get a waiver on the waiting period for pre-existing conditions.
However, confirm with your insurer first to ensure your continuity benefits remain intact.
Typically, there’s a 36-month waiting period for pre-existing diseases in new plans, so migration helps avoid restarting that clock.
The Bottom Line
Renewing your health insurance is not just a formality — it ensures uninterrupted coverage and safeguards your accumulated benefits.
As Manish Dodeja rightly says, “To assure continuous health coverage, it’s important to regularly review your options, compare benefits, and migrate to a comprehensive plan if needed.”
In short, staying proactive about your policy renewal keeps your healthcare protection strong — and your peace of mind intact.
