There may be many things on your mind causing you to miss the due date to pay the health insurance premium. This is often a costly mistake because if you don’t renew your policy on time, you can overlook several continuity benefits. The good part is insurers generally give a grace period of 15-30 days if you forget to pay a premium on the due date. Here are the ways you can revive your medical health insurance policy if you miss the premium spending date.
“A lapsed policy is an expired coverage where T&C of health insurance policy are no longer substantial. Nevertheless, you can renew your lapsed medical health insurance policy within a specified period ranging from 15-30 days based on the product type,” said Rakesh Jain, CEO of Reliance General Insurance.
Realizing the value of the due date in the case of medical health insurance policies, the Insurance Regulatory and Development Authority of India (IRDAI) also asked all insurers last year to send a renewal notice a month before the expiry of the policy. The notice must also mention the premium amount due.