Video explainers can make complex policy terms easier to understand, but they should not replace the policy wording and schedule.
“Video explainers help policyholders quickly grasp what their policy covers and what has changed. But renewal shouldn’t be reduced to a summary check,” said Saurabh Vijayvergia, Founder and CEO of CoverSure, an AI-first Indian insurtech platform.
Here are the key things policyholders should check:
Sum insured
Check whether the cover remains adequate, particularly given rising healthcare costs and changes in family circumstances.
Vijayvergia said policyholders should assess whether they are under-insured and consider increasing the sum insured, moving to a higher-cover plan or adding a super top-up if required.
Niharika Saigal, Head of Insurance and In-App Categories at PhonePe, an Indian digital payments and financial services app, also stressed the need to reassess the sum insured in view of medical inflation.
Premium and changes in benefits
Do not compare policies on premium alone. Check why the premium has changed and whether the benefits have changed along with it.
Arti Mulik, Chief Technical Officer at Universal Sompo General Insurance, an Indian private-public joint venture, said a premium change could be linked to factors such as age. Policyholders should also verify whether cumulative bonuses and other eligible benefits have been correctly reflected in the sum insured.
Exclusions, waiting periods and co-pay
These clauses can directly affect the amount payable during a claim.
Mulik advised consumers to check waiting periods, deductibles, co-payment requirements and sub-limits, and compare the renewal terms with the previous year’s policy.
Vijayvergia said room-rent caps, disease-wise sub-limits, restoration benefits and consumable coverage are among the details that can easily be overlooked.
Add-ons and riders
Review whether existing add-ons are still relevant and whether additional protection is required.
Saigal said policyholders can evaluate features such as consumables cover, OPD, maternity cover and annual health check-ups, depending on their requirements.
Cashless hospital network
The cashless hospital list can change, so policyholders should check whether key hospitals in their area remain covered.
Saigal said this is particularly important because the hospital network may be revised by insurers over time.
Claims experience
Past claims can help indicate whether the policy is delivering the protection expected.
Vijayvergia said consumers should check whether previous claims were settled fully or whether coverage gaps resulted in out-of-pocket expenses.
Sunny Bhatia, Senior Vice President – Retail at Turtlemint Fintech Solutions, an Indian insurtech company, said policyholders should also consider the insurer’s claims process, service quality and hospital network.
Renewal or portability
If the existing policy no longer meets requirements, consumers can compare other plans and consider portability, subject to applicable rules.
Mulik said policyholders who are dissatisfied with their existing cover can port the policy without losing continuity benefits, subject to the applicable conditions.
Saigal cautioned that policyholders should verify that accrued benefits and waiting periods are carried forward. If the sum insured is increased during portability, a fresh waiting period may apply to the additional cover.
Convenience is not a substitute for review
Experts said digital renewal tools can make insurance easier to understand, but consumers should use them as a starting point rather than rely on a summary alone.
“A renewal is much more than just paying the premium for another year. It’s an important financial health check,” Bhatia said.
The renewal decision should ultimately be based on whether the policy’s coverage, terms and cost continue to match the policyholder’s current need, not simply on whether the renewal process is convenient.
