What to Do if You Miss Your Health Insurance Policy Renewal Date?

When you buy health insurance, you are required to pay the renewal premium before the due date to ensure continued coverage. If you fail to pay the premium on time, then you will become uninsured again and will have to bear your medical expenses on your own. But you can redeem yourself. Know what to do if you miss your health insurance policy renewal date.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “CONTINUE”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step

      If your Health Insurance policy renewal date is missed and you failed to pay the premium on time, then don’t worry. If your policy expiry date is missed, then also you can make the payment, as many insurance companies provide a grace period of up to 7 days, whereas some companies show some leniency by providing a grace period of up to 15 days. However, this period includes both working and non-working days. If you fail to make the payment even after the grace period, then nothing can stop your policy from getting lapsed.

       

      What if Your Health Insurance Policy Got Lapsed?

      You will have to face disastrous consequences if your policy lapses as a result of your negligence. You will have to buy a new policy and it will be like you are buying it for the first time. Moreover, in case you have earned any bonuses like no claim bonus on your previous policy, then your entire bonus will be taken back and your coverage will start from the scratch.

      It is not just about the no-claim bonus, but it is also the consequences you will have to face. You will have to go through a waiting period of 2 to 4 years; after this tenure, you will be provided the insurance cover for critical illnesses. Furthermore, this waiting period will remain as it is and will not be adjustable for the waiting period that you have already faced when you purchased your first policy. It is considered as a huge penalty in return for not paying the renewal premium on time.

      Health Insurance Policy Renewal

      Ways to Avoid Lapse of Health Insurance Policy

      A health insurance policy plays very important role in your life. It is the best way of planning your future in terms of finance. If you have an insurance policy with a complete range of benefits, then the following tips may be helpful if you don’t want to face the trouble of revival of your lapsed policy:

      • The best way to avoid lapse of your health insurance is to keep a track of the dates regarding your policy. You can set reminders in order to know when to pay and what to pay so that you don’t face the loss of your coverage.
      • You can also opt for automatic ECS. ECS will automatically deduct the premium from your bank account on or before the due date whichever applicable.
      • Many insurers start sending reminders regarding premium payment when the due date is approaching. In case you missed the renewal date, you have a grace period to pay the due amount and continue to enjoy the existing benefits of the policy.
      • Many insurance companies have linked up with numerous banks for your convenience. In such a case, you are provided with the option to pay the premium through the ATMs of these banks. This will save your time and money, thereby preventing the chances of the policy lapse.
      • In today’s world, everyone is addicted to smartphones. They need their phones 24x7 and this addiction can help you too. This means that you can avail the facility of reminders through e-mail or SMS so that you never miss your policy renewal date.
      You may also like to Read: Health Insurance Renewal Process

      Revival of Health Insurance Policy

      You can revive you lapsed policy by paying the outstanding premium with interest. In some cases, you many need to undergo one or more health checkups. The following are the ways through which you can revive your lapsed policy -

      • Ordinary Revival: If you decide to revive your policy within six months from the date of policy lapse, then you don’t need to go under any health check-up. You just have to pay the outstanding premium along with the interest. The interest you will have to pay is subject to the date when your policy came in force.
      • Revival on Non-Medical Grounds: If you choose to revive your policy on non-medical grounds, then the amount to be revived will be less than the promised limit of non-medical assurance, which was purchased by you.
      • Revival on Medical Grounds: You can opt for revival on medical grounds only if you fail in both ordinary revival and revival on non-medical grounds. The sum to be revived under this procedure will be decided only after you undergo a medical test.

      It is highly advisable to have an open discussion with an insurance agent and find the best way out. It is important for you to understand that revival of policy is not a good practice. Understanding this will ultimately help you, as it keeps you away from tensions at the time of the revival.

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Monkeypox: Dos and Don’ts of the Disease That You Should Know

      15 Sep 2022

      Monkeypox has slowly and steadily spread to more than 85 countries...
      Read more
      Why is It Important to Disclose Pre-existing Diseases to Your Insurer?

      06 Sep 2022

      As we grow old, the chances of developing a disease or a medical...
      Read more
      Benefits of Multi-Year Health Insurance Plans

      25 Aug 2022

      Ever since COVID-19 entered our lives, health insurance has come...
      Read more
      Does Health Insurance Cover Monkeypox?

      25 Jul 2022

      Monkeypox is the latest disease to make its way to India while we...
      Read more
      List of Diseases Covered by Bajaj Allianz Health Insurance Plans

      05 Jul 2022

      Barely any person has remained unaffected due to rising health...
      Read more
      PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
      Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
      Read more
      Best Health Insurance Plans in India 2022
      Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal...
      Read more
      Best Maternity Insurance Plans
      Maternity insurance offers comprehensive coverage for medical expenses incurred during pregnancy, including the cost...
      Read more
      Best Health Insurance Plans for Senior Citizens in 2022
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance...
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL