Health insurance grace period is basically the time or the number of days that you can take to make your payment towards the premium for health insurance plans even after the due date has got over. Companies usually have a grace period for health insurance till 15 days from the due date for paying the renewal payment. Some providers have 30 days as their grace period as well. Post the grace period, if the premium has not been paid, the insurance company may reject the policy renewal application of the customer even if he/she wishes to make the payment then. The grace period does not come with coverage benefits as well so this is another factor that you will have to keep in mind. Also, waiting periods for specific illnesses will re-start again and this necessitates making premium payments on time.
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Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.
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