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Forgot to renew your health insurance policy? Find out the remedies
A study by Policybazaar.com showed that in FY 2021-22, 85 per cent of their customers renewed their family floater policies, and 80 per cent renewed their individual health policies, on time. Furthermore, 60 per cent chose to bolster their coverage with riders.
Health insurance extends its coverage to medical expenses, such as hospital bills, medicines, pre, and post-hospitalisation expenses, consultation fee, etc. With the rising cost of healthcare, health insurance is seeing a sharp increase in sales.
What should you do if premium due date of health insurance policy is missed?
If you miss the policy renewal date, you are uninsured as your existing policy is expired. That means your health insurance company will stop providing you medical coverage, and you will no longer be able to claim for the medical expenses. For renewal though, you will get a grace period to revive your policy.
Grace period:
Insurance companies provide a grace period, during which you can still make the payment and continue your health insurance coverage. The grace period differs from insurer to insurer and plan to plan. Most insurance companies provide up to 30 days grace peri-od. So, open your policy document and check the grace period offered by your health insurance company. Most insurance companies do not settle claims raised during the grace period when the premium is not paid.
Renewal of health insurance policy within a grace period:
You can renew your health insurance policy within a grace period online as well as offline. For offline renewal, you will have to visit the nearest branch of the insurer along with your policy document and make the payment. Or, you can visit the insurer’s official website, log in to your online account and make the payment. In both ways, you will receive a renewed policy within a time specified by the insurer. In case you do not receive the policy document within a reasonable period, you should contact the insurer’s customer care.
Revival of policy:
When the premium is not paid even during the grace period, the health insurance policy gets lapsed. The lapsed policies are generally terminated by the insurance companies. However, some insurers may allow reviving the lapsed policies within a stipulated period.
Generally, the health insurance companies offer a six months period to revive the lapsed policies. However, the insurers will charge you with late payment penalties and interest. Furthermore, the revival of lapsed health insurance policies can be done either on medical grounds or non-medical grounds.
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