Insurance Renewal & Premium Management
Renewal and premium management — tracking due dates, avoiding lapses, reviewing cover at renewal and porting where better.
- Estimate Cost
- ₹2,000 – ₹20,000
- Typical duration
- 3 days
Service overview
Insurance renewal and premium management keeps all your policies active, adequate and cost-effective. WCP professionals track renewal dates, protect your no-claim benefits and review coverage before each renewal so there are no lapses or gaps.
Who needs it? / When is it needed?
- Individuals and families holding several policies (health, motor, life, home).
- Businesses managing multiple commercial policies.
- When you have missed renewals before or want a single point of contact for all policies.
What to expect from the WCP Professionals
- Creation of a central policy register with due dates.
- Advance reminders 30–45 days before each renewal.
- Review of cover, no-claim bonus and premium against market alternatives.
- Help with portability, multi-policy discounts and auto-renewal set-up.
Key deliverables
- Policy register and renewal calendar.
- Renewal review note with recommendations.
- Renewed policy documents on time.
Standard turnaround time
- Policy register set-up: 3–5 working days.
- Each renewal: 1–3 working days after confirmation.
Government fees, timelines & key outcomes
- No government fee; premiums are paid directly to insurers.
- GST applies as per policy type; individual life and health policies are exempt.
- Key outcome: continuous cover, retained benefits and optimised premiums.
Forms & filings involved
- Renewal proposal or confirmation forms.
- Portability forms, where you switch insurers.
- Mandate forms for auto-debit or auto-renewal.
Documents required
- Copies of all existing policies.
- Previous claim details.
- KYC documents and updated nominee details.
What we need from you
- Timely confirmation of renewal decisions.
- Prompt premium payment.
- Updates on changes in health, assets or vehicles.
Important conditions
- Health and life policies have a grace period, typically 30 days for annual premiums; motor policies have no grace period for cover.
- Lapsed motor policies may need a vehicle inspection, and the NCB may be lost after 90 days.
- Changing insurers or plans can reset some benefits.
Additional information
- Annual coverage reviews keep sums insured in line with inflation.
- Related services: Policy Comparison & Selection Support, Insurance Claims Assistance
The estimated cost covers indicative professional fees only. Government fees, stamp duty and taxes are payable at actuals.
How it works
- 1. Raise a service enquiry describing your requirement.
- 2. A Relationship Manager reviews it and opens it for bidding.
- 3. Pay into escrow and assign the professional you select.
- 4. Track progress to completion, then accept and release payment.
Frequently asked questions
What happens if I miss a renewal?
Health and motor policies lapse after the grace period, losing benefits such as waiting-period credit or no-claim bonus.
What is the grace period for health insurance?
Insurers allow a grace period, commonly 15–30 days depending on payment mode, during which the policy can be renewed.
Can a lapsed life policy be revived?
Usually yes, within the revival period, by paying arrears with interest and meeting health requirements.
Should cover be reviewed at renewal?
Yes — renewal is the right time to raise cover, add riders or port to a better policy.