Grace Period: What is the Grace Period in Health Insurance?

Grace period in health insurance

Every health insurance company provides a grace period in health insurance policy. We purchase health insurance policies to secure our family and maintain financial stability in life. If there is any medical emergency and medical expense, then we claim from the insurer.

But unfortunately, some people do not renew it on time. There may be any reason for not renewing the policy on time. It may be lack of time. It may also be that you forget to renew the policy.

There may be some financial problems also for not renewing the policy on time or any other reason.

If you have missed your policy renewal date the don’t worry. Still, you have a chance to pay the premium. You get some extra period of time after the renewal date. You can pay your premium and renew the policy in this period. This extra period of time is called the grace period.

What is the Grace Period?

Grace period in health insurance is an extra time in which policyholders can pay the premium after the renewal date. If policyholders fails to pay the premium before or on the renewal date then he/she can pay during this period of time.

Grace period is the total number of extra days to pay the premium after the renewal date. Normally you get 15 days or 30 days to pay your premium after the renewal date. The duration of the grace period depends on the insurance company. But normally it is between 15 to 30 days.

Important Points

Here are some important points which you should know:

  • You should pay your health insurance premium before or on the renewal date. There should not be delay in paying your health insurance premium.
  • If you fail to pay a premium on time then you have a chance to pay it in the grace period.
  • If you don’t pay the renewal premium in a grace period also then your policy will not be renewed.
  • You will not be eligible to raise a claim during this period.
  • You will lose all the coverage and continuity benefits if you don’t pay the premium and renew the policy.
  • If your health policy get lapsed and you purchase new policy then you will serve waiting periods from fresh.


The renewal of your health insurance policy is an important step. You should renew it before or on due date. If you missed the policy renewal date then you have another chance to renew it. In case, you do not renew and your policy get lapsed. You will lose all the benefits, no claim bonus and free health check-up benefits also.

Grace period is good thing in health insurance policy. But it doesn’t mean that you always pay your policy premium during this period only. You will not get any claim during the grace period. So, its better that pay the premium on time and renew the policy.

Medical emergency can come anytime. Your policy should be active at the time of claim. That’s why timely renewal is always good.