Maintaining continuous health insurance online is crucial for timely medical care. Most policies require renewal within a year, with a grace period of one week to thirty days for late renewals. During this Mediclaim renewal grace period, policyholders can pay the premium to maintain coverage and benefits.

  The waiting period is when new policyholders must wait before receiving benefits, with claims submitted during this time typically denied. Staying aware of these timelines and renewing health insurance on time ensures uninterrupted coverage and access to medical care when needed.

You are Without Cover

Being uninsured is the biggest drawback of failing to renew your health insurance policy during the grace period. You have no insurance coverage under the lapsed policy, and it could take days to get one, even if you apply for a new one. It is only advisable to go even a day with insurance, given medical care expenses and network hospital stays.

There Will Be Cumulative Bonus Loss

One of the ideal things about health insurance online policies is the cumulative bonus. Customers of insurance companies who file no claims for a year are given this incentive. It is offered as a premium concession or as a cumulative bonus. If you receive a cumulative bonus, your coverage amount will rise the following year based on the bonus, and the premium will stay the same. Your health insurance coverage will increase to Rs 4.25 lakh the next year if you have a 4 lakh rupee policy and your employer gives you a 25,000 bonus for not filing a claim in a particular year. *

Policy Portability

You cannot transfer your policy to a new health insurer if you let it lapse. Requests for plan portability must be made at least 45–60 days before the expiration date of the policy. You can use a health insurance calculator to check on the cost of premium before porting your plan.

Read more about – Types of Health Insurance

Longer Waiting Period

There is a 24-48 month waiting period for maternity benefits and some pre-existing conditions under health insurance plans. You cannot use these facilities for another couple of years under the new plan.

Health Check-up Again

You might need to undergo a thorough medical examination to obtain the new policy. In addition to taking a lot of time, what happens if you don’t pass the medical exam? A medical exam is not necessary to renew your health insurance.

Being uninsured, even for a day, is risky. Do you want to improve your current health insurance? You can switch to a new provider while keeping existing bonuses and privileges. As per Insurance Regulatory and Development Authority of India (IRDAI) regulations, your new insurer must carry over benefits and rights from your previous insurer when you port your policy, including the waiting period credit for pre-existing conditions. #

It’s essential to understand that during the grace period, policyholders can still secure the benefits of their critical illness policy by paying the premium within the specified timeframe.

* Standard T&C Apply

# Visit the official website of IRDAI for further details.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.