The pandemic has reminded us that the most important thing in our life is our health. This has made the purchasing of health insurance for ourselves and our families of paramount importance.

Health insurance has become a requirement for all of us. It protects you against critical illnesses and accidents. To make it easier for clients, many companies have introduced their online health insurance app, using which one can easily buy or renew a policy.

Maintaining adequate health coverage can be a costly affair in today’s world, where medical inflation rates are so high. We, therefore, recommend you do adequate research. You can conveniently use the bajaj health insurance app to compare various health policies and choose the one that best suits your requirement and budget.

Health insurance covers medical expenses such as hospital bills, medications, pre- and post-hospitalization expenses, and consultation fees among other things.

As important as it is to buy a health insurance policy, it is also critical that you renew the policy on time to keep the coverage active. Using the health insurance app can be useful in getting reminders regarding health insurance renewal. 

But what can you do if you forget to pay the health insurance premium? Find out in this article:

What to do if your health insurance policy’s premium due date is missed?

If you miss the policy renewal date, your existing policy may expire, leaving you uninsured. This means that your health insurance company may no longer provide you with medical coverage, and you may no longer be able to file a claim for medical expenses. However, you may be given a grace period to renew your policy. 

Grace period: Insurance companies may offer a grace period during which you can make the payment and keep your health insurance coverage. The grace period varies depending on the insurance provider and the policy. Most insurers offer a grace period of 30 days. So, check your policy copy and look for the grace period provided by your health insurance provider. Most insurance companies only settle claims when the premium is paid within the grace period. *

Health insurance policy renewal during a grace period: Within the grace period, you may renew your health insurance policy online and offline. To renew your policy offline, you must go to the insurer’s nearest branch with your policy document and make the payment. 

Alternatively, you can go to the insurer’s official website, log in to your online account, and pay or use the insurer’s health insurance app to do the same. 

You would receive a renewed policy within the time frame specified by the insurer in either case. If you are still waiting to receive the policy document within a reasonable time, contact the insurer’s customer service. If you are a Bajaj Allianz customer, you may also use the Caringly Yours Bajaj Allianz policy download feature to download your health policy. *

Policy revival: The health insurance policy lapses if the premium is not paid during the grace period also. In most cases, insurance companies cancel lapsed policies. However, some insurers may allow reviving of lapsed policies within a specific time frame.

Health insurance companies, generally, provide a six-month grace period to reinstate lapsed policies. The insurers, however, may charge you late payment penalties and interest. Furthermore, lapsed health insurance policies can be reinstated on medical or non-medical grounds. *

* Standard T&C Apply

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.