Grace Period - Terminology - Insurance
Grace period refers to the specified period of fifteen (15) days immediately following the premium due date during which a payment can be made to renew or / continue a policy without loss of continuity benefits such as waiting periods and coverage of Pre-existing diseases.
Grace period refers to the specified period of fifteen (15) days immediately following the premium due date during which a payment can be made to renew or / continue a policy without loss of continuity benefits such as waiting periods and coverage of Pre-existing diseases.
However, coverage is not available
for the period by which the premium payment was delayed from the due date. .
Therefore, it is very important to
keep renewing the health insurance policy as and when the premium is due.
The waiting periods in health
insurance policy range from 12 months to 48 months depending on ailments.
The continuity benefits will be lost
if the policy is not renewed even within the grace period.
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