What Is The Grace Period For Health Insurance Renewal?
Published On Oct 07, 2021
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Health insurance plans can be bought, renewed, and claimed online with the help of the recent technological advancements. A policyholder can renew their health insurance plan over the internet using the official website of the health insurance provider. The online process of renewal of health insurance plans is smooth and hassle-free as it takes little to no time. The policyholders can renew their plans on time by being at home. Policyholders can also request certain changes and alterations during the renewal process like change in claim amount, coverage enhancements, addition of new members under the plan, and much more.
The health insurance providers remind their policyholders to renew their plans 45 days before the due date. The individuals must renew their plan before the due date to avoid the last minute rush. However, they also offer grace periods to the individuals from the due date, to allow the policyholders to make their premium payments. If not renewed on time, the health insurance plan lapses with all your accumulated benefits. Therefore, to continue availing the benefits of your health insurance policy, you must make no delay and renew your health insurance plan as early as possible.
Grace Period For Health Insurance Renewal
Grace period during a health insurance renewal process refers to the time period that is granted to the policyholders by the health insurance providers to pay their health insurance premium amount. Generally, the health insurers grant 15 days of time from the date of due of the policy, to pay the renewal amount of your existing health insurance policy. If the policyholder fails to make the payment before the grace period, then the existing health insurance plan of the policyholder lapses, thus leading to the loss of accumulated benefits of the policyholders like the no claim rewards, discounts, and much more. Therefore, the policyholders must make their payments within the grace period to continue availing their accumulated benefits.
About Health Insurance Policy Renewal
Health insurance plans compensate for the medical expenditures of the policyholders at the time of hospitalization in case of a medical emergency. The coverage of the health insurance plans can differ from one type of plan to the other. The cost effectiveness of the health insurance plan depends on the medical history, sum assured, deductibles, age of the applicant, and many such essential factors. Health insurance plans have an expiry date which is the due date of the health insurance plan bought, therefore, to continue availing the features of your desired health insurance plan and to enjoy your accumulated benefits, you must renew your plans on time without any delay.
Benefits of Renewing Your Health Insurance Plan On Time
Following are some of the key benefits, that can be availed by the policyholders, if they renew their health insurance plans on time:
- If the policyholders do not renew their existing health insurance plans, then the policy bought will not stand valid and the expenses due to hospitalization will be borne by the policyholder. Due to delay in renewal, you can also lose your accumulated benefits like no claim bonuses, etc.
- Individuals must not overlook the renewing process of their health insurance plan, as it is meant to protect the health of the policyholders and their loved ones. They must also cross-check the policy terms before making the payment.
- If you fail to renew your existing health insurance plan then you will have to buy a new health insurance policy, which involves a lot of documentation and other hectic procedures like choosing and customizing a health insurance plan according to your requirements.
Policyholders must make their renewal payments before the end of the grace period. The policyholders can increase the sum assured, add new numbers, etc. based on their financial budget. Renewal of health insurance plans helps the policyholders in receiving cashless claim treatment.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.