RENEWALS
Policy renewal
The renewal reminder arrives, the amount looks familiar, you pay it. Nothing about that process asks whether the policy still fits — and a year is long enough for the answer to have changed. A renewal handled properly takes fifteen minutes and occasionally saves a great deal more than the premium.
Bengaluru · Insurance Point has been arranging and servicing insurance since 2006.
Why a renewal is a review
Between one renewal and the next, several things have usually moved: the vehicle is a year older and its IDV has fallen; your no-claim bonus has gone up or been reset; a family member has aged into a different band; a loan has been cleared; you have bought or sold something. The policy has not noticed any of it.
The other thing that changes is the market. Terms, add-on eligibility and pricing move between policy versions, and the product you bought two years ago may no longer be the sensible version of itself.
Motor renewals
The detailed version is in our renewal checklist. In short, check the coverage type you are actually buying, the IDV, the compulsory and voluntary deductibles, which add-ons still earn their place, that your claim and no-claim history is recorded correctly, the cashless garage network around where you drive, and every vehicle and personal detail on the schedule.
The one worth repeating: verify the no-claim bonus percentage that has been applied. It is one of the largest discounts available to you and it is also one of the most commonly carried over incorrectly, particularly when you change insurer.
Health renewals
Continuity is the thing to protect. Waiting periods that have been running — for pre-existing conditions and specified illnesses — are worth real money once they are close to complete, and they are tied to unbroken cover.
- Renew before the date, not after. A break in cover can restart waiting periods, which is a far worse outcome than a slightly higher premium.
- Check whether the sum insured is still right. Medical costs move; a figure chosen five years ago may not go as far now.
- Review any accumulated bonus. Many policies increase the sum insured for claim-free years. Confirm it has actually been applied.
- Consider a top-up before raising the base. Often a cheaper route to meaningfully more cover.
- If you are unhappy with the insurer, portability lets you move while carrying continuity benefits — but it has to be started well before the renewal date, not in the last week.
Life policies
Term cover mostly needs a periodic sanity check rather than an annual decision: whether the sum assured still reflects your income, dependants and liabilities, whether the nominee details are current, and whether a life event since the last review — a marriage, a child, a home loan — has changed the answer. Keep the premiums paid within the terms; a lapsed life policy is generally the hardest of all to put right.
If you have already missed the date
Motor. Do not drive the vehicle. Third-party cover is a statutory requirement and there is no grace period for it. The insurer will usually want to inspect the vehicle before issuing a fresh policy, and a long break can affect the no-claim bonus you have accumulated. Deal with it today rather than next week.
Health. Most policies allow a grace period after the due date during which cover can be renewed with continuity preserved — the length varies by policy, and cover generally does not apply for anything occurring during the gap itself. Past the grace period, you are usually buying a new policy with waiting periods starting again.
Life. Revival is often possible within a defined window, typically with arrears and sometimes with fresh evidence of health. The window and the terms depend on the product.
In every case the position depends on the specific policy and insurer. Send us the document and we will tell you where you actually stand.
How we handle renewals
- We track the date. Missed renewals are almost always a calendar problem rather than a decision. This is particularly true across a household with several policies, or a business with a fleet on staggered dates.
- We review before quoting. What changed this year, and whether the existing policy is still the right shape.
- We show you the comparison honestly. Including where a lower renewal price is buying less cover.
- We check the document after issue. Details, NCB, IDV, endorsements — verified against what was agreed, not assumed.
Common questions
How early should I start a renewal?
Two to four weeks before the due date for most policies. That leaves room to compare properly, to sort out any discrepancy in your no-claim record, and — for health cover — to consider portability, which has to be initiated in advance.
Can I change insurer at renewal without losing anything?
On motor cover your no-claim bonus can generally be carried to a new insurer with evidence of your claim-free record. On health cover, portability is designed to carry accrued continuity benefits, subject to the new insurer's acceptance. Both need to be handled deliberately rather than assumed.
My renewal premium went up and I made no claim. Why?
Premiums move for reasons unrelated to your own record — vehicle age band, your age band on a health policy, revised pricing on the product, or changes in the cover included by default. It is worth asking which of those applies rather than accepting or switching blindly.
Do you renew policies you did not originally arrange?
Yes. Send us the current policy document and the renewal notice and we will review it the same way.
Will you remind me?
For policies we service, yes — that is a large part of the point of having someone. Tell us if your phone number or email changes.
Send the renewal notice before you pay it
Forward the notice and the current policy. We will tell you what changed, what is worth changing, and whether the number in front of you is a fair one.