Travel insurance safeguards you in case of loss of baggage or medical aid, or financial assistance.
It is important to renew your existing travel insurance. Travel insurance comes with fixed period of insurance.
In case you do not renew it, your insurance will lapse and you will not be able to reap benefits.
You get grace period to make payment and renew it even after policy has lapsed.
Travel insurance renewal depends on your insurer and from where you bought it.
Insurers offer online support and you can renew it directly from link that they send through SMS.
In case you had bought it from an agent, the agent will let you know about expiry beforehand, so that you can renew it.
Various aggregators, such as Policy Player, provide complete solutions in this case.
In case you fail to renew policy and it expires, aggregator will remind you before grace period ends.
Read about claiming Travel Insurance after Renewal