If you have health insurance for yourself or your family, there’s good news for you. The Insurance Regulatory and Development Authority of India (IRDAI) has introduced new rules to provide relief to policyholders.
Now, even if you pay your health insurance premiums in installments, you will continue to have coverage during the grace period.
This grace period applies to all installment frequencies: 15 days, monthly, quarterly, half-yearly, or annually.
So, if your premium payment is late within a certain limit, you can still receive treatment during this period.
Benefits of the Grace Period
With these new rules, if you miss the due date for your health insurance premium, you don’t need to worry.
Most insurance companies offer a grace period, which is extra time to pay the premium and keep your insurance cover active.
This period usually ranges from 15 to 30 days, but it can vary depending on the company and the specific policy.
Not all companies offered such grace periods before, so it’s important to check your policy terms.
Discounts for Paying Premiums in Installments
Previously, missing an installment payment for health insurance could cause problems. However, with the new IRDAI rules, you now get a grace period even when paying premiums in installments.
If you pay monthly, you’ll get a 15-day grace period, and if you pay quarterly, half-yearly, or annually, you’ll get a 30-day grace period.
This means that as long as you pay within the grace period, you can still make a claim in case of illness. Before these rules, the grace period varied by company, but now IRDAI has standardized it for all.
Under the new rules, if you miss your premium payment date, your insurance coverage will continue.
All benefits such as the sum insured, no-claim bonus, waiting period, and grace period for pre-existing diseases will still apply during the grace period.
This change mandates that all insurance companies must offer this grace period to their policyholders, ensuring consistent relief and coverage.
