“Major life changes should be treated as insurance review points, because the biggest risk is often not having no insurance, but having a coverage gap without realising it,” said Abhishek Bansal, CEO, Insurance Business at InsuranceDekho, an Indian insurtech platform.
Moving cities can change your health insurance needs
Health insurance should be among the first policies reviewed after relocation, as healthcare costs, hospital availability and access to treatment can vary across cities.
“Relocation can mean a change in healthcare costs, hospital availability and the way individuals access care,” said Vijay Sankaran, Chief Claims Officer, Medi Assist Group, a health-tech and insurance-tech company.
Sankaran said policyholders should look beyond the sum insured and assess whether their health benefits remain relevant and accessible in the new location. He said the wider ecosystem of insurers, employers, hospitals and benefits administrators also plays a role in translating coverage into an easier experience at the point of care.
Vineet Gupta, Head – Product Development, ManipalCigna Health Insurance, a standalone health insurance provider, said people moving from a lower-zone city to a higher-zone city should check the zone-related conditions in their policy, as some insurers may apply a zonal co-payment when treatment is taken in a higher zone.
Policyholders should also check whether their preferred hospitals are part of the insurer’s network or applicable Preferred Provider Network (PPN), Gupta said.
Job change can create insurance gaps
A new employer’s group health or life insurance may have different terms from the previous employer’s cover. Employees should check the sum insured, dependants covered, exclusions, waiting periods and continuation provisions.
“A job change, for instance, can mean moving from one employer’s group health or life cover to another, with differences in sum insured, dependent coverage and exclusions,” Bansal said.
Gupta said employees should assess employer-provided health insurance alongside their personal policy, including the total sum insured, family members covered and policy limits. If the combined cover is inadequate, additional coverage may need to be considered.
Sankaran said a career move can also change income, dependants and financial liabilities, making it important to reassess the level of protection rather than relying only on the benefits attached to a particular job.
For life insurance, Bansal said the required cover should be assessed against financial responsibilities rather than salary alone. Employer-provided life cover should be treated as an additional layer rather than automatically replacing individual protection.
Update the details that can cause problems later
Relocation also requires basic policy updates. Address and contact details should be changed with insurers, while nominee information should be reviewed after major family changes.
“If these details are not updated, policy communications may not be received, claim processing may be delayed, and important notices or renewal reminders may be missed,” said Dr. Renuka Kanvinde, VP and Head, Retail Health Products, TATA AIG, a general insurance company.
For motor insurance, a move to another state or a change in vehicle usage may also require policy and registration details to be reviewed.
Sankaran said an insurance review should ultimately move beyond the question of whether a person is simply “covered”. The more important test, he said, is whether the coverage remains relevant and usable when healthcare is actually required.
A relocation, job change or major family milestone therefore provides a useful checkpoint to assess whether existing insurance still reflects one’s current location, income, responsibilities and healthcare needs.
