Can we renew health insurance policy after the grace period?

YES. However, when your health insurance plans prolong without renewal after the grace period, it lapses and ceases to exist. Although, you will get a chance from your policyholder for renewing your health insurance after the grace period by paying a certain amount as a penalty along with the accumulated sum of the premiums that you have failed to deliver within the stipulated duration. So, it is possible to renew your health insurance plans after the grace period.

The grace period is one of the significant added benefits of your health insurance plan. Even during the grace period, you will have full coverage of your medical insurance policy and can claim it in any unfortunate happenings. Depending on your health insurance plans and policy providers, the grace period duration differs. On average, one gets a grace period from 24 hours up to 30 days. If you fail to renew your health insurance policy within this duration, it attracts added penalties with the pending premium to be paid on the renewal date.

All your claims in the grace period will be processed only once you renew your policy. Another important thing that all health insurance owners must be aware of is if you continue your health insurance plans within your grace period, you will not lose any of your no-claim bonus. You would be entitled to get the total amount if no such claims were processed before.

You can also look at health insurance plans on the Bajaj Finserv website, research, compare and talk to the customer representative to pick out the best plan according to your health requirements. Why wait when you can minimise your medical expenditure effectively.

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