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Lifelong renewal of health insurance: Lifetime renewability

Team AckoNov 17, 2023

Planning a monthly or yearly budget is an integral part of financial planning. Whether you are investing in savings instruments or insurance policies, you must secure your future to avoid unwanted financial burdens. Investing in health insurance is one such investment that is vital to cover medical contingencies.

With health insurance being a necessary financial shield against planned and unplanned medical expenses, you should have the ability to renew your health insurance plan for life. In this article, you will learn about the lifetime renewability of health insurance and its benefits.

Lifetime Renewability in Health Insurance



What is lifetime renewability or lifelong renewal of health insurance?

The lifetime renewability in health insurance is a clause in a health insurance policy. The clause in health insurance allows you to renew the coverage without re-qualifying for a new health insurance policy. The option to renew the plan for a lifetime offers the much-needed health insurance coverage for life. With lifetime renewability, you don’t have to worry about paying from your pocket, especially if you are a senior citizen.

As per the directive of the Insurance Regulatory and Development Authority of India (IRDAI), insurers should offer a health insurance policy with a lifetime renewability facility. Insurers cannot reject the renewal of the policy unless it is a fraud, misrepresentation or opting for a health insurance plan for false claims.

Importance and benefits of lifetime renewability in medical insurance

Health insurance is an excellent financial safety net during medical contingencies. The ability to renew the insurance for life provides a financial shield, especially during your retirement days. Here is why lifetime health insurance is vital for you.

  • There is no age bar; hence, you continue to receive health insurance coverage for life.

  • Unlike a new health insurance plan, there are no restrictions such as a waiting period for certain pre-existing diseases. Opting for new insurance plans may need medical tests or waiting periods for pre-existing diseases.

  • As you get older, it becomes difficult to get coverage, and the possibility of a higher premium amount increases as the perceived risk increases. Hence, the option to renew the plan for a lifetime reduces the uncertainty of higher health insurance costs.

  • It helps mitigate rising healthcare costs with financial protection for life.

  • It is helpful for retired individuals since it takes the pressure of financial burden in case of a severe illness.

The option to renew your health insurance policy for life and with healthcare costs on the rise, the importance of the lifelong renewability of health insurance has only increased.

Why do you need a lifelong renewal facility in health insurance?

Health insurance features and benefits have evolved over the years to become more customer-friendly. Apart from the advantages mentioned above, a lifetime renewal facility in health insurance avoids hassles and high insurance costs.

For example, when a 65-year old Mrs Smith had a fall, it left her with a fractured hand and a broken rib. The doctors advised hospitalisation for better care. Since Mrs and Mr Smith are retirees and live on their pension and a little bit of savings.

If not for the facility of lifetime renewability in their health insurance policy, the hospitlisation expenses would strain their finances. Besides, they can avail good healthcare facilities without worrying about the cost.

Is there a difference between guaranteed renewability and lifetime renewability?

There is no difference between guaranteed renewability and lifetime renewability in health insurance. Both terms mean the same. And both offer the ability to renew the policy for life.

How to renew health insurance with a lifetime facility?

The process of renewing your health insurance with a lifetime facility is the same as renewing your health insurance on an annual basis. Some insurers may offer half or quarterly payments of the premium.

Call your insurer to renew your policy. Digital insurers offer the option to renew your health insurance policy online. You can visit their website or mobile app and follow the instructions to renew the plan.

Things to remember when renewing a health insurance policy with a lifetime facility

With health insurance becoming more customer-friendly, facilities such as lifetime renewability offer a financial cushion to the insured, knowing their health insurance policy is there for a lifetime. But, before you choose health insurance with a lifetime facility, consider the below points while shopping for the right type of health insurance for you and your family.

  • Compare different health insurance plans online to understand the features and benefits better.

  • Lower price is not the only criterion while choosing the right health insurance plan.

  • Check the inclusions and exclusions to avoid claim rejection in the future.

  • Opt for an insurer who has a good brand reputation in the industry.

  • Ensure that the insurer offers excellent customer service, discounts, and deals during festivals or other special events.

  • Opt for digital insurers since they have the option to buy or renew the policy, and raise claims through their online platform for a stress-free experience.

Also read: Health insurance for family

Frequently asked questions

Here are some of the common queries about lifetime renewability in health insurance.

Is there an age limit to buy health insurance?


Yes, there is an age limit to buy health insurance. Here are the age criteria for health insurance policies; but, they could differ from insurer to insurer.

  • Minimum age: 3 to 5 years

  • Maximum entry age: 65 years

  • Maximum age to renew health insurance: Lifetime

Does mediclaim premium increase with age?


Yes, health insurance premiums increase with age since insurers perceive it is riskier to offer health insurance coverage for older people.

Is it mandatory for insurers to provide the lifetime renewability facility in their health insurance policies?


Yes, as per the directive of the IRDAI, all insurers selling health insurance in India should offer health insurance policies with a lifelong renewability facility. You may note that you can buy health insurance at an entry age of up to 65 years.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.


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