5 min read
Updated on Feb 24, 2023
The responsibilities of a person increase, as years pass by and especially, it is more when you decide to start your own family. You have to consider the requirements of your partner and other dependents in a family, and while doing so, you need to put more effort into ensuring their financial needs are protected and taken care of during emergencies. A health insurance policy is the perfect solution that offers financial security to protect yourself and your family against medical emergencies. But in order for this security to continue for a longer period of time, it is essential for you to renew the health policy before its expiry date. But, if it expires, policyholders are given a ‘grace period,’ within which the policy has to be renewed.
In health insurance, the Grace period refers to the additional time offered by the insurance company after the due date to pay the necessary premium is elapsed. In the event of not paying the premiums within the grace period, the policy shall become inactive.
The timeframe for the grace period is clearly stated in the terms and conditions of the health insurance policy document, which you need to read while signing the documentation. Most insurers offer 15 and 30 days as a grace period. In many cases, non-payment of premium shall lead to cancellation of the grace period, which must be avoided at all costs as it is a useful feature and losing it will make the policy worthless.
To understand the health insurance grace period, let us look at an example: Your health insurance policy is set to expire on July 12, 2022, and you have forgotten to pay the insurance premium on time. The insurance company has offered a grace period of 15 days for making the renewal payment, taking the last date to July 27, 2022. If you make the premium payment by July 22, the policy shall become active again, and you shall continue to use all the benefits offered by the policy. If you do not make the payment by the above-given date, the policy shall become inactive, and you cannot make use of it for any claims.
Also Read: Health Insurance Portability
In the event of you not paying the premium on time, during your grace time, health insurance companies could charge a late charge, which must be paid along with the premium. But there are other disadvantages also, because of your inability to pay premiums at a timely time:
Popular Health Insurance Coompanies:
If you do not pay the premium during the grace period, the health insurance plan could be canceled due to the non-payment. Therefore, in the event of unexpected medical crisis that may occur in your life, you won’t be able to claim the benefits of coverage. Therefore, if you are hospitalized, it is your responsibility to pay for the expenses from your pocket. Also, the insurance company could also terminate your claim requests if you have raised any due to non-payment of premium.
If you wish to take advantage of the benefits of your chosen health insurance plan and you want to avail the benefits, you should make the premium payments regularly. It isn’t easy to obtain a new insurance policy that covers pre-existing conditions or opt for a health insurance policy at a later age. Therefore, if you do not pay your premium payment on the due date, it is your responsibility to make payment within this grace period.
It’s not wise to be without health insurance, even for an hour, especially during the current times. In case you’re not happy with the services or benefits offered in your current health insurance company, you have the option to change insurers without losing any benefits or bonuses or privileges that you have earned from your current plan policy. But that has to be done before the expiry of the existing policy or before the grace period ends.
Also Read: Types of health insurance policies in India | National Health Insurance Schemes by Indian Government | Impact of Smoking on the Human Body and Your Health Insurance policy | What is loading in health insurance plans and how it affects your health premium?
PayBima is your best online companion to search, select and buy the right insurance policy that suits your requirements. You can also get to know the features of the policy, compare and then finalize the plans that match your budget. Their dedicated customer support team will help you in shortlisting the perfect plan while also answering questions related to policies, including grace period and premium quotes.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Insurance is an indispensable requirement. However, not everyone can afford individual medical insurance to stay covered against major uncertainties, especially after retirement. If that is.
Cancer is a disease that needs no introduction. We all know how deadly the disease is and how rapidly it is spreading across the world,.
Like in other products, GST is levied on health insurance policies too. But did you know that an NRI or non-resident Indian with a health.
Antibiotics are like marvels of medical sciences which have transformed the healthcare sector by limiting some of the deadly infections. From the earliest discovery of.
If the heat within the body is causing you external issues or symptoms, you must lower it down using natural remedies to stay away from.
Our knee is an important joint in the entire musculoskeletal system. The support and strength of the knee are pivotal for fluid movement and locomotion..
Health insurance policies offer coverage against diseases and during emergency health situations. A family floater health insurance plan provides coverage to all the members of.
Good health directly impacts the stability and happiness of the entire family. It fosters both physical and emotional well-being. If the health of even a.
Central Government Health Scheme (CGHS) is a special health insurance scheme introduced in 1954 for central government employees and their family members to offer them.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue