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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 continuous coverage. If you fail to pay the premium on time, your mediclaim policy will expire and you will have to bear medical expenses on your own. Still, there is something that you can do to keep yourself insured. Let's explore what can be done if you fail to pay the premium.
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- What to Do if You Miss Your Health Insurance Policy Renewal Date?
Can we Renew Health Insurance Policy After Expiry?
If your health insurance policy renewal date is missed and you failed to pay the premium on time, then you do not need to worry. In case your policy expiry date is missed, you can still 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. The policy remains active during the grace period and you can still make claims.
Notably, if you fail to make the payment of expired health insurance policy even after the grace period, then nothing can stop your policy from getting lapsed and coverage getting terminated.
What if Your Health Insurance Policy Got Lapsed?
If your mediclaim policy lapses as a result of your negligence, you will have to face disastrous consequences. You will have to buy a new policy and it will be like you are buying it for the first time. Moreover, if you have earned any bonuses like no claim bonus on the previous policy, then it will be withdrawn and your medical insurance coverage will start from the scratch.
In fact, you will have to go through a waiting period of 2 to 3 years again; after which you will be provided the insurance cover for critical illnesses. Furthermore, this waiting period will remain as it is and will not be adjusted with the waiting period that you have already completed under your first policy. It is considered as a huge penalty in return for not paying the renewal premium on time.
How to Avoid Health Insurance Policy Lapse?
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 will help you avoid the lapse of your medical insurance policy:
- The best way to avoid health policy lapse is to keep a track of the important dates related to your policy. You can set reminders in order to know when to pay and what to pay so that you do not face the loss of your coverage.
- You can also opt for automatic Electronic Clearing Service (ECS). It will automatically deduct the mediclaim premium amount from your bank account on or before the due date, whichever is applicable.
- Many health insurance companies in India start sending reminders regarding premium payment when the due date is approaching. In case you missed the renewal date, you can utilise the grace period to pay the due amount and continue to enjoy the existing benefits of your policy.
- Many insurance providers have link 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.
- You can avail the facility of reminders that insurers send via SMS or e-mail so that you never miss the renewal date of your mediclaim policy.
Can a Lapsed Health Insurance Policy be Reinstated?
Yes, a lapsed medical insurance policy be instated by paying the outstanding premium with interest. In some cases, you may also need to undergo one or more health check-ups so that insurance company is confirmed about your current medical condition. The following are the ways through which you can revive your lapsed health policy -
- Ordinary Revival: If you decide to revive your health policy within six months from the policy lapse date, then you do not 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 revival amount will not exceed the prescribed limit for the specific non-medical insurance you have chosen.
- Revival on Medical Grounds: You can select the option of 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 of policy revival.
FAQs
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Q1. Can I renew health insurance after expiry?
Ans: Yes, you can renew your health insurance even after it has expired, but only within the grace period offered by the insurance company. -
Q2. What is the grace period in insurance?
Ans: The grace period in insurance is the time given by the insurer after your policy's expiry date, usually ranging from 15 to 30 days. During this time, you can renew your policy without losing continuity benefits like waiting periods for pre-existing conditions -
Q3. What happens if I don't renew my health insurance?
Ans: If you don’t renew your policy within the grace period, your policy will lapse, and you will lose all the benefits, including coverage and any accumulated bonuses. As a result, you will need to buy a new policy, and waiting periods for certain illnesses or conditions will restart.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
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*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
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