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How to Renew Your Health Insurance Policy Without Penalties?
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Renewing your health insurance policy on time is required to have continuous coverage, avoid lapsed policies and enjoy the benefits of renewal. However, if you miss renewing your policy, you need not worry because you still have a chance of renewing it without paying any late fees or penalties. This is where the grace period comes into the picture.
This blog will help you understand what a grace period is, the impact of lapsed policies and the process of health insurance renewal during the grace period.
What is the Grace Period?
The grace period is the additional time provided by the insurer after the due date of the premium payment to pay your health insurance renewal premium without any penalties or late fees. In simple words, it is the extension offered by the insurer to the policyholders to pay their due premium without losing coverage. This period may range from 15 to 30 days, as specified by the insurer.
Here are some important points you should know about the grace period.
- Your health insurance policy remains active during the grace period, and you can also file a claim during the grace period.
- If you file a claim during the grace period, it will be approved only after you have paid the due premium. Note that some insurers have specific conditions for claims made during the grace period; know these conditions to avoid claim rejection.
- Health insurance renewal within the tenure of the grace period ensures that your coverage benefits continue without any interruption.
What is the Impact of a Lapsed Policy on Your Health Insurance Coverage?
If you fail to renew your health insurance policy within the grace period, your policy will lapse, which results in the following;
1. No Coverage
A lapsed policy results in the discontinuation of the coverage benefits, which means that if you file a claim, it will be rejected. This can be a financial risk during a medical emergency.
2. Loss of Coverage for Pre-existing Diseases
If your policy is lapsed, you lose the pre-existing disease coverage, and you may have to restart the waiting period again.
3. Loss of No Claim Bonus
A lapsed policy will result in the loss of the accumulated No Claim Bonus because the coverage is interrupted.
4. No Medical Check-ups
Many insurers offer free annual medical checkups on health insurance renewal. If you do not renew your policy on time, you will not get this benefit.
5. Higher Premium and Late Fees
Insurers may charge a higher premium if you buy a new policy after a policy lapse. On the other hand, if the insurer agrees to reinstate your policy, you may have to pay a late fee and also undergo medical screenings that may add to your cost.
What is the Process of Health Insurance Renewal During the Grace Period?
To avoid a policy lapse and the loss of coverage benefits, it is important to renew your health insurance policy within the grace period. Paybima is an online insurance platform that makes it easy for you to purchase, manage, and renew your health insurance policy seamlessly.
Here is a step-by-step process for health insurance renewal without any penalties. By following these steps, you can renew your health insurance policy without any penalties and enjoy continuous coverage.
1. Check the Grace Period
If you have missed the deadline for your premium payment, check your policy terms for the grace period duration so that you pay the premium within this period to avoid policy lapse. You can also reach out to Paybima insurance advisors to guide you through the process.
2. Get Your Documents Ready
Ensure that all the required documents for health insurance renewal are ready to avoid any delays. It may include KYC documents and medical records.
3. Pay the Premium
Pay the due premium using online or offline mode as per your convenience. Do not forget to confirm the policy renewal after making the payment.
4. Set Payment Reminders
Set a payment reminder in your calendar so that you do not miss the future premium payment deadline. You can also ask your insurer to notify you when the payment is due.
Stay Covered With Timely Health Insurance Renewals
Renewing your health insurance policy on time has many benefits. It helps you avoid policy lapse, protects your accumulated No Claim Bonus, ensures continuous coverage for pre-existing diseases and prevents late fee payments. Additionally, insurers also provide many health insurance renewal benefits like free health checkups and premium discounts to encourage policyholders to renew their policies on time. If you have any concerns related to your policy renewal or filing claims, contact Paybima insurance experts to get guidance and support.
Author Bio
Paybima Team
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.
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