How Does Free Look and Grace Periods Work in Group Insurance Plans?

Free look and grace period are two important aspects of group health insurance. These terms work in favour of the policyholder. The free look period in group health insurance grants flexibility to the policyholder to review the terms and conditions of group health policy. At the same time, the grace period in group health insurance policy grants some time to the policyholder in order to renew the policy.

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Free Look Period in Group Health Insurance

Free look period in group health insurance is another option available to review the features and benefits of the group health insurance.

Let us discuss how free look period works:

Time Period

The free look is an insurance term offered by the insurer. The policyholder under the free look term may review the terms and conditions of group health insurance. Upon reviewing the terms and conditions, it is at the discretion of the policyholder to either terminate or continue with the purchased policy. 

The insurance companies generally provide 20-30 days to the policyholder in order to review the policy. They may choose to terminate it if they are not satisfied with the benefits and coverage of the policy.

Commencement of Free Look Period

The free look period in group health insurance commences once the policyholder receives the insurance contract from the insurer. It is important to note that the policyholder may terminate the policy upon dissatisfaction. However, the insured is required to provide a reasonable or valid ground for the termination of a purchased policy.

Termination Condition

The policyholder must submit the insurance contract along with the relevant documents related to the policy.

Termination of Insurance Policy

Upon receiving a valid ground, policy contracts, and other relevant documents, the insurer shall consider the termination request. If the insurer is satisfied with the grounds furnished by the policyholder, the amount of premium that the policyholder paid upon buying the policy shall be refunded to the bank account of the insured. 

Benefits of the Free Look Period

  • The free look period offers sufficient time for the policyholder to review the policy.
  • It allows him to either cancel or accept the insurance policy.
  • It refunds the amount paid by the policyholder upon cancellation of the insurance policy.
  • The Free look is available for every kind of insurance plan.
  • The insured does not incur any significant loss if not satisfied with the policy.

Grace Period in Group Health Insurance

The insured or policyholders may lose the policy coverage if they fail to renew the policy. The grace period in group health insurance offers some extra time for the policyholder to renew the policy upon its expiration.

Let us discuss how the grace period works.

Management for Grace Period

The states are responsible to manage how long the grace period should last upon expiration of the group health insurance policy.

Cancellation of Policy

The insurance companies wish the grace period to be as short as possible. It protects their interest from paying for the damages upon expiration of the policy. As long as the grace period in group health insurance is in effect, the insurer is subject to providing coverage to the policyholder.

However, if the policyholder fails to make the payment during the grace period, the insurer is not liable to provide coverage. Moreover, the insured is likely to move through the entire application process in order to obtain coverage under the group insurance policy.

Conclusion

Free look and grace period are important terms of group health insurance schemes. Free looks offer sufficient time for the policyholder in order to review the policy. While buying the policy, the policyholder may fail to acknowledge any terms which does not favour him. At the same time, the policyholder may obtain some more time in order to renew the group health policy.

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Policybazaar for Business - Group Health Insurance - Customer Reviews
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4.4/5
Based on 189 reviews
4.4
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Based on 189 reviews
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3.8 April 09, 2023
Mansi
Excellent Support
It was easy to buy insurance from PolicyBazaar website and customer support was also amazing to clear all the doubts.Thankyou. Highly worth it.
Dehradun
4.3 April 01, 2023
Mahesh
Necessary Investment
It is a good and necessary investment. Thanks PB.
Lucknow
4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
Bareilly
3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Delhi
4.3 March 15, 2023
Rajesh
Increases Clients Expectations
I recently had the pleasure of securing a Group Health Insurance policy throug PolicyBazaar and I must say the Entire process exceeded my expectations! From start to finish, their service werw great. Thankyou.
Delhi
3.8 March 02, 2023
Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
Pune
4.3 February 17, 2023
Diljeet
Excellent Purchase
It was a excellent purchase at PolicyBazaaar. Thankyou team.
Coimbatore
4.3 February 04, 2023
Satya
Prompt Services
Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
Chennai
4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
Delhi
4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
Pune