Protecting your family with health insurance during hard times is important. Medical trouble already brings a lot of tension to the home and it is important to be financially independent and tension free in these times. An active health insurance policy will protect you in these hard times. It is advisable that one must not forget to pay their premium or their policy may lapse. Life has become so busy that nowadays it is common to forget to pay your premium. People tend to forget their due dates and hence grace period is one of the benefits given to the policyholder.
Grace period means that a person will be able to pay the premium after the due period. This extra time frame is known as a grace period and in this time your coverage is active.
What is the Grace period?
The grace period is the extra time given to the insurer after the due date to pay their premium. If the premium is also not paid in the grace period then the policy will become inactive. This timeframe is exactly mentioned in the terms and conditions of the policy which one must pay close attention to while signing the documents. Generally, this time frame is 15 days to 30 days and it is also mentioned in the terms and conditions that whether your no claim bonus will be available in the grace period or not. The grace period must be seen as an additional benefit to the policyholders and though it sums as an added benefit still the insurers must keep in mind to the premiums timely.
Renewing the Plan
Renewing the Plan during the grace period is almost similar as normally renewing the plan apart from the fact that some terms and conditions may change. The amount once paid will lead to the policy renewal and the plan will go on forward in a similar way.
Main features of the Grace period in a Health Insurance Plan
Most of the insurers offer a small grace period to mitigate the risk of liability from their side. This small period is offered as an added advantage to the policyholders while is a risk for the policy giver. During this time the person may opt for renewing the insurance. The most common time duration for the grace period is 15-30 days.
The person must know that they are still eligible for the coverage during the grace period. Even after the due date is passed the person is covered by the health insurance
if the policy is not lapsed due to any reason.
If by any chance the due amount is not paid and the policy has lapsed the person will need to go over all of the application processes once again.
If the person pays the premium within the grace period, they will lose the no claim bonus and it will arrive forward to the next premium date.
Buy health insurance online now keep your family protected in these hard times.