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In today’s time, on one hand medical innovations have provided access to improved healthcare systems, while on the other hand the same healthcare facilities have reached skyrocketing prices and at times unaffordable for common people. 

In an ecosystem like this, health Insurance is our safeguard against financial losses during times of illness and unforeseen healthcare requirements.

Given the importance of a health insurance, it is highly imperative that our healthcare policy must be always active because we never know when we might need it.  Hence, paying the health insurance premium on time is of utmost importance. 

What is Grace Period in Health Insurance? 

Life can get really busy at times, and we might end up missing our premium payment.

Insurance companies do take this human behaviour into account and hence allow a certain period after the missed premium payment date, during which the policy is active.  

This extended period is known as the “Grace Period” in terms of health insurance. 

Though all the benefits are carried through the grace period, however, they cannot be claimed during the grace period.

The grace period differs between different insurance providers and different types of policies. However, it is usually between 15-30 days and is specified in the terms and conditions of the policy. Make sure you read them carefully before buying a health insurance policy.  

Although your insurance provider gives you a grace period for times when you might miss out, it is definitely not a good idea to wait for the grace period extension for paying your premium. Here are some major drawbacks for the same:

1. No Health Coverage during the grace period: Believe us, that’s much more critical than it seems. Any claim raised during the grace period shall be considered void and be declined by the insurer. 
2. Loss of Cumulative Bonus: Most of the health policies come with a cumulative bonus that gets added for every claim free year. When you fail to renew your policy during the stipulated time, you lose this cumulative bonus.
3. Back to square one for waiting period: The waiting period for coverage of critical illnesses and pre-existing diseases gets restarted to zero.  
4. Higher premium during Grace Period: Some companies charge late fees if you pay your healthcare premium after the renewal date, during the grace period. The premium might further increase if you are a regular defaulter in timely premium payment. 
5. Loss of Portability benefit: You can change your health insurance provider by porting your policy, but you can do so only while the policy is in force. The portability option expires once the policy goes to the grace period. 

At Digit, we understand how important a health insurance cover is and hence to keep the continuity, we provide a Grace Period.

If the insured person has opted for Payment of Premium on an instalment basis i.e., Half Yearly, Quarterly or Monthly, the following Conditions shall apply:

1. Grace Period of 15 Days would be given to Pay the instalment premium due for the Policy. 

2. During such Grace Period, Coverage will not be available from the instalment premium payment due date till the date of receipt of premium by Company. 

3. The insured person will get the accrued continuity benefit in respect of the "Waiting Periods", "Specific Waiting Periods" in the event of payment of premium within the stipulated grace Period. 

4. No interest will be charged If the instalment premium is not paid on due date. 

5. In case of instalment premium due not received within the Grace Period the Policy will get Cancelled.

At the end of the policy period, the policy shall terminate and can be renewed within the Grace Period to maintain continuity of benefits without break in policy. Coverage is not available during the grace period.

Here are a few more benefits you receive as a health insurance policy holder at Digit:

• If you want to increase your Sum Insured, now is the time. You can’t do it anytime during the year.
• If you didn’t make a claim in the past year, make sure you have been given a no-claim bonus if your policy offers it.
• If you want to add members like your spouse or kids, you have the option to do so only at the time of renewal. So do give this a thought.

Missing out on paying your health insurance premium on time can hit very hard at many levels. The uncertainly of health, the hassle of going through waiting periods once again and the lapse of many other benefits makes it very important to pay your health insurance premium on time. 

Especially, if the insured is someone prone to illnesses or any such illness that requires a waiting period, it is absolutely necessary to pay your health premium on time and not let it slip into the grace period.