If you fail to pay the policy renewal premium on time, then you will be uninsured again, i.e. the coverage provided to you by your health insurance policy will be taken back. You are required to pay the renewal premium before the due date in order to continue the existing coverage. For example, if your policy expiry date is November 23rd, then you have to pay the premium before November 23rd to ensure that your policy remains in force.
*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
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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.
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.
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:
|You may also like to Read: Health Insurance Renewal Process|
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 -
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.