Renewal of Policies

Insurance companies are often reluctant to renew health polices of senior citizens mostly because of their age. This is thoroughly unfair because all insurance firms are law-bound to renew policies on request, irrespective of age. Moreover, all forth-coming polices are mandatorily required to have ‘life-long renewability.’

Gai says, "A policyholder must not permit the insurance company to unilaterally change the terms and conditions of the policy without his specific consent. A renewal of a policy cannot be considered a fresh contract, but is an extension of the original contract for a further period of one year. Hence, renewal has to be done on identical terms and conditions."