Grace period
There is a grace period of 15 days for paying the instalment premium. The caveat, however, is that during the period between due date of premium and actual receipt of premium by the insurance company, you will be uncovered.
But the good thing is that, even if you have used your grace period to the fullest, your benefits of waiting period for pre-existing conditions, and specific waiting period for treatment of specified conditions are fully protected. Neither will there be any interest charges if the instalment premium is not paid on the due date.
However, if you fail to pay within the grace period, your policy will lapse and, along with it, any accrued benefits such as waiting period or cumulative bonuses. Your choice will be only to start another hospitalisation policy, afresh.
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Unknown titlesurers offering this option on other health policies. Options for instalment premiums in Arogya Sanjeevani operate with some conditions, similar to annual premium payments we are familiar with. <span>Grace period There is a grace period of 15 days for paying the instalment premium. The caveat, however, is that during the period between due date of premium and actual receipt of premium by the insurance company, you will be uncovered. But the good thing is that, even if you have used your grace period to the fullest, your benefits of waiting period for pre-existing conditions, and specific waiting period for treatment of specified conditions are fully protected. Neither will there be any interest charges if the instalment premium is not paid on the due date. However, if you fail to pay within the grace period, your policy will lapse and, along with it, any accrued benefits such as waiting period or cumulative bonuses. Your choice will be only to start another hospitalisation policy, afresh. Most of us are used to making monthly payments of all kinds including rent, society dues, EMIs on home loans, school fees, phone, broadband, electricity and a host of other utility bill Summary
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