Grace Period
A grace period is a time after the due date for an insurance premium during which the policy remains active and the coverage continues.
What You Can Do During the Grace Period?
- You can pay the overdue premium without losing coverage.
- Continue receiving healthcare services as per your plan
Importance of Grace Periods
- Provides a safety net during financial instability
- Helps maintain coverage without interruption due to short-term payment issues
Consequences of Missing the Grace Period
- If the premium is not paid within the grace period, the health insurance policy may be cancelled. This leads to a lapse in coverage.
- Once lapsed, any medical services rendered during the period of non-coverage will not be paid for by the insurer.
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