Potential consequences of failing to pay health insurance premiums
Failing to pay your health insurance premium on time may result in a lack of coverage for claims, even if you renew the policy during the grace period. According to IRDAI guidelines, policyholders are granted a 15-day grace period for monthly payments and 30 days for all other payment schedules. Furthermore, delaying your renewal might negatively impact your continuity benefits, such as waiting period credits and various other accumulated advantages of your policy.
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