If you’ve got health insurance, here’s a helpful update for you.
The insurance regulator, IRDAI, has introduced new rules to make managing your health insurance easier.
Insurance Cover during Grace Period
Now, if you pay your health insurance premium in installments, you’re still covered during the grace period.
This applies to all payment frequencies: 15 days, monthly, quarterly, half-yearly, or annually.
So, even if you miss a payment deadline by a bit,
you’re still covered for treatment during that time.
Benefits of the Grace Period
If you miss the deadline for paying your premium, don’t worry.
Most insurers offer a grace period, usually 15 to 30 days, during which you can still keep your insurance active by paying the premium.
This gives you a buffer if you face any financial difficulties.
Just make sure to check your policy’s terms for specifics.
Discounts on Premium Installments
The new rules also bring discounts for paying premiums in installments.
If you pay monthly, you get a 15-day discount, and if you pay quarterly, half-yearly, or yearly, you get a 30-day discount.
This means if you pay within these timeframes, you’re still eligible for claims if you fall ill.
Previously, these discounts varied by company, but now IRDAI has standardized them across the board.
Continuity of Benefits
During the grace period, you’ll continue to receive all the benefits of your insurance, such as sum insured, no claim bonus, waiting period, and coverage for pre-existing conditions.
IRDAI’s new rules ensure that all companies must provide these benefits during the grace period, so you can rest assured knowing you’re covered when you need it most.
