Insurance Policy Renewal: A Practical Checklist

Three to four weeks before the due date

1. Find the renewal notice and confirm the due date, the premium and the sum insured.
2. Compare the premium with last year's. If it has risen, ask why: age band, claims, a change in the plan or a general revision.
3. Check that personal details are correct: names, dates of birth, address, phone number and email.
4. Decide whether the cover is still adequate. Medical costs rise every year, vehicles depreciate, and stock values change.
5. Note any changes in the household: a new family member to add, a child who now has their own cover, a vehicle sold.

If you work with an advisor, this is the time to talk. Changes are far easier to make at renewal than in the middle of a policy year.

Points to check by policy type

Health: confirm that every member is listed, check whether any waiting periods have now been completed, and ask whether a no-claim benefit has been added to your sum insured. Disclose any new diagnosis since last year; hiding it helps nobody at claim time.

Motor: check the insured declared value, confirm that your no-claim bonus has been applied if you made no claim, and review add-ons. An add-on that made sense for a new car may not be worth paying for on an older one.

Life: there is usually nothing to change, but confirm the nominee and make sure the premium is paid within the grace period. A lapsed life policy may need fresh medical checks to revive.

Business: update the declared value of stock, machinery and premises. Under-insurance reduces every claim proportionately.

Do not let the policy lapse

A gap in cover has consequences beyond the days you are uninsured. With health insurance, continuity is what carries your completed waiting periods forward; a break can mean starting again. With motor insurance, a long break costs you the no-claim bonus and may require a vehicle inspection before a new policy is issued. If you cannot decide between plans in time, renew the existing policy and make changes next year.

On the day you renew

• Pay through a channel that gives you a receipt immediately: the insurer's website, your advisor's payment link or a bank transfer to the insurer.
• Never pay a premium into an individual's personal account.
• Confirm that the policy number on the receipt matches your policy.

After renewal

1. Download the renewed policy schedule and read the first page. Check names, dates, sum insured and add-ons.
2. Report any error to the insurer or your advisor straight away; corrections are simplest in the first few days.
3. Save the schedule and the premium receipt with your other policy documents.
4. Update your own records with the new period and next due date.
5. For motor policies, replace the copy kept in the vehicle or on your phone.

If you have already missed the date

Act immediately. Most policies have a grace period during which you can still renew, though cover may not apply for claims arising in the gap. Call your advisor or the insurer, ask what is needed to renew or revive the policy, and do not drive an uninsured vehicle in the meantime.

Using Policy Mitra at renewal

Policies due within 30 days are highlighted on your Policy Mitra dashboard and listed in the Renewals section with the number of days remaining. From there you can message your advisor to ask for the renewal to be arranged or to discuss changes. Payment itself is made to the insurer; Policy Mitra does not collect premiums. Once renewed, upload the new schedule so the record stays current.