In 2025, with India’s inflation at 7–8% (per RBI estimates) and rising costs for healthcare (13% medical inflation, per Aon’s 2025 Report) and vehicle repairs (₹10,000–₹50,000 for accidents), maintaining active insurance is crucial. A lapsed policy can lead to financial losses, legal penalties (e.g., ₹2,000 fine for uninsured vehicles under the Motor Vehicles Act, 1988), and loss of No Claim Bonus (NCB). Policybazaar, India’s leading insurance comparison platform (IRDAI Registration No. 742, valid till 09/06/2027), simplifies renewals for health, car, bike, and life insurance with its Insta Renew feature, serving over 9 million customers with a 99% claim settlement ratio. This blog details how to renew your insurance policy online with Policybazaar, offering step-by-step guidance, tips, pros, cons, and FAQs for 2025.
Why Timely Insurance Renewal Matters
Renewing insurance before expiry ensures uninterrupted coverage, preserves NCB (20–50% premium discounts), and avoids penalties. For example, a lapsed car policy may require vehicle inspection, increasing premiums by 10–15%, while a lapsed health policy forfeits tax benefits under Section 80D (₹25,000–₹50,000). Policybazaar’s online platform streamlines renewals, saving up to 91% by eliminating agent commissions, offering instant quotes from 51+ insurers, and supporting 14,300+ cashless garages and hospitals. With 78% of Indians prioritizing timely renewals (Policybazaar 2025 study), online renewal is a hassle-free solution.
Types of Insurance Policies You Can Renew on Policybazaar
Policybazaar supports renewals for various policies, each addressing specific needs:
1. Health Insurance
Covers hospitalization (₹1–5 lakh), OPD, and COVID-19 treatments (e.g., Corona Kavach Policy). Premiums start at ₹1,748/month for ₹1 crore cover for an 18-year-old. Renewal retains NCB and tax benefits under Section 80D.
2. Car Insurance
Mandatory third-party cover (₹2,094/year for <1,000cc) and comprehensive plans (₹7,000/year for a 2025 Tata Nexon) protect against accidents and theft. Renewal preserves NCB (20–50%) and ensures compliance.
3. Two-Wheeler Insurance
Starts at ₹457/year, covering third-party liabilities and own damage. Includes add-ons like zero depreciation and personal accident cover (₹15 lakh). Timely renewal avoids ₹2,000 fines.
4. Life Insurance
Term plans (₹487/month for ₹1 crore cover) and ULIPs (5–18% returns) secure family finances. Renewal within 5 years for lapsed policies prevents coverage gaps.
Step-by-Step Guide to Renew Your Insurance Policy Online with Policybazaar
Policybazaar’s Insta Renew feature ensures renewals in under 2 minutes. Here’s how to renew health, car, bike, or life insurance:
Step 1: Visit Policybazaar’s Platform
Go to www.policybazaar.com or download the app (available on Google Play and App Store).
Step 2: Select Renewal Option
Navigate to “Renew Your Policy” on the homepage. Choose “Health Renewal,” “Motor Insurance,” or “Life Insurance Renewal” based on your policy type.
Step 3: Log In or Enter Details
- Existing Users: Log in via registered mobile number and OTP to access the My Account dashboard.
- New Users: Select the policy type (e.g., Health Insurance), enter details like name, gender, age, city, pin code, and medical/vehicle history. For motor insurance, provide the vehicle registration number.
Step 4: Compare Plans
View plans from 51+ insurers (e.g., SBI Life, ICICI Prudential) with details on premiums, coverage, add-ons, and claim settlement ratios (e.g., Axis Max Life’s 99.34%). Adjust sum assured, tenure, or add-ons like zero depreciation for cars (₹1,000/year).
Step 5: Customize Coverage
Add/remove family members (health), increase voluntary deductibles (car, saving 10–15%), or switch ULIP funds. For expired policies, upload a self-inspection video via the Policybazaar app for motor insurance.
Step 6: Pay Premium
Pay via UPI, debit/credit card, or net banking. Set auto-debit for automatic renewals. Premiums are verified instantly, and e-policy documents are emailed within minutes (hard copies in 7 days).
Step 7: Verify and Download
Check policy details in My Account. Download the e-policy or request a hard copy. Contact 1800-208-8787 or enquiry@policybazaar.com for assistance.
Tips to Optimize Your Renewal Process
- Renew Before Expiry: Renew 45 days (health) or 90 days (motor) before expiry to retain NCB and avoid inspections or higher premiums.
- Compare Plans: Use Policybazaar’s comparison tool to switch insurers for better rates (e.g., ₹487/month vs. ₹500/month for ₹1 crore term cover).
- Leverage NCB: Preserve 20–50% discounts on car/health premiums by avoiding claims. NCB resets to zero if the policy lapses.
- Check Add-Ons: Add cost-effective add-ons like roadside assistance (₹500/year) or critical illness cover (₹2,000/year) based on needs.
- Use Self-Inspection for Expired Policies: Upload a video via the Policybazaar app to expedite motor insurance renewals without physical visits.
Pros of Renewing with Policybazaar
- Convenience: Renew in 2 minutes from home, with zero paperwork and Insta Renew.
- Cost Savings: Save up to 91% by eliminating agent commissions; NCB and online discounts reduce premiums (e.g., 50% NCB after 5 claim-free years).
- Wide Comparison: Compare 51+ insurers by premiums, CSRs (e.g., TATA AIG’s 98%), and networks (14,300+ hospitals/garages).
- Transparency: View plan details, customer reviews, and add-on costs upfront.
- NRI Support: Tailored plans for NRIs (108% YoY adoption), with concierge services.
- Tax Benefits: Health premiums qualify for ₹25,000–₹50,000 deductions under Section 80D; life premiums up to ₹1.5 lakh under Section 80C.
- Claim Support: 99% CSR with dedicated managers and self-video claim options.
- Trusted Platform: IRDAI-approved, serving 9 million+ customers.
Cons of Renewing with Policybazaar
- App Glitches: Occasional errors (e.g., “Something went wrong”) during renewals, frustrating users.
- Support Delays: Peak-hour wait times may reach 5–10 minutes.
- Telemarketing: Post-renewal calls for cross-selling (e.g., health to life insurance) can be intrusive.
- Intermediary Role: Policybazaar facilitates but doesn’t control insurer decisions, potentially delaying complex cases.
- Policy Errors: Incorrect details (e.g., wrong car model) may take 7–10 days to correct, with possible fees.
- Expired Policy Challenges: Lapsed policies may require inspections or medical tests, delaying renewals.
Handling Expired Policies
For lapsed policies, renew within the grace period (30 days for health, 90 days for motor) to retain NCB and avoid penalties. Health policies may require medical tests, while motor policies need self-inspection videos or insurer surveys. Policybazaar’s app simplifies this with step-by-step video upload guidance.
Policybazaar’s Edge in 2025
Policybazaar’s Insta Renew, zero-commission model, and AI-driven comparisons make renewals seamless. With 19 million policies sold and a 99% CSR, it supports diverse needs, from ₹457/year bike plans to ₹1 crore term covers. NRI adoption (108% YoY) and plans like Arogya Sanjeevani for budget-conscious users enhance accessibility. Customer stories, like a Delhi driver renewing a ₹7,000 car policy in 60 seconds, highlight ease. Despite app glitches, 24/7 support (1800-208-8787) ensures reliability.
FAQs About Renewing Insurance with Policybazaar
Q1: Is it safe to renew insurance online with Policybazaar?
A: Yes, Policybazaar is IRDAI-approved with secure payments and a 99% CSR. Verify offers via 1800-208-8787 to avoid fraud.
Q2: How soon can I renew my policy?
A: Health policies can be renewed 45 days before expiry; motor policies within 90 days. Early renewal retains NCB and avoids lapses.
Q3: Can I renew a lapsed policy?
A: Yes, within 30 days (health) or 90 days (motor) grace periods. Life policies allow renewal within 5 years, subject to penalties. Inspections or medical tests may apply.
Q4: What documents are needed for renewal?
A: For motor insurance, provide the registration number and previous policy details. Health/life renewals need personal and medical details. Expired policies may require inspection videos or tests.
Q5: Can I switch insurers during renewal?
A: Yes, Policybazaar’s comparison tool lets you switch to better plans while transferring NCB for motor/health policies.
Q6: How do I check my policy’s expiry date?
A: Log into Policybazaar’s My Account or check policy documents. Insurers also send renewal reminders via SMS/email.
Q7: What if I face app issues during renewal?
A: Contact 1800-208-8787 or email app@policybazaar.com. Provide your username and issue details for quick resolution.
Conclusion
Policybazaar’s online renewal process for 2025 simplifies maintaining health, car, bike, and life insurance with Insta Renew, saving up to 91% through zero-commission purchases and NCB. Despite occasional app glitches, its comparison of 51+ insurers, 99% CSR, and 24/7 support ensure seamless budgeting for premiums as low as ₹487/month (term) or ₹457/year (bike). Visit www.policybazaar.com or download the app to renew your policy in minutes and secure your financial future. Share your renewal tips below!
