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Terms and conditions
Terms and conditions
In today’s time, on one hand medical innovations have provided access to improved healthcare systems, while on the other hand the same healthcare facilities have reached skyrocketing prices and at times unaffordable for common people.
In an ecosystem like this, health Insurance is our safeguard against financial losses during times of illness and unforeseen healthcare requirements.
Given the importance of a health insurance, it is highly imperative that our healthcare policy must be always active because we never know when we might need it. Hence, paying the health insurance premium on time is of utmost importance.
Life can get really busy at times, and we might end up missing our premium payment.
Insurance companies do take this human behaviour into account and hence allow a certain period after the missed premium payment date, during which the policy is active.
This extended period is known as the “Grace Period” in terms of health insurance.
Though all the benefits are carried through the grace period, however, they cannot be claimed during the grace period.
The grace period differs between different insurance providers and different types of policies. However, it is usually between 15-30 days and is specified in the terms and conditions of the policy. Make sure you read them carefully before buying a health insurance policy.
Although your insurance provider gives you a grace period for times when you might miss out, it is definitely not a good idea to wait for the grace period extension for paying your premium. Here are some major drawbacks for the same:
At Digit, we understand how important a health insurance cover is and hence to keep the continuity, we provide a Grace Period.
If the insured person has opted for Payment of Premium on an instalment basis i.e., Half Yearly, Quarterly or Monthly, the following Conditions shall apply:
Grace Period of 15 Days would be given to Pay the instalment premium due for the Policy.
During such Grace Period, Coverage will not be available from the instalment premium payment due date till the date of receipt of premium by Company.
The insured person will get the accrued continuity benefit in respect of the "Waiting Periods", "Specific Waiting Periods" in the event of payment of premium within the stipulated grace Period.
No interest will be charged If the instalment premium is not paid on due date.
In case of instalment premium due not received within the Grace Period the Policy will get Cancelled.
At the end of the policy period, the policy shall terminate and can be renewed within the Grace Period to maintain continuity of benefits without break in policy. Coverage is not available during the grace period.
Here are a few more benefits you receive as a health insurance policy holder at Digit:
Missing out on paying your health insurance premium on time can hit very hard at many levels. The uncertainly of health, the hassle of going through waiting periods once again and the lapse of many other benefits makes it very important to pay your health insurance premium on time.
Especially, if the insured is someone prone to illnesses or any such illness that requires a waiting period, it is absolutely necessary to pay your health premium on time and not let it slip into the grace period.
After the grace period is over, your policy lapses and you need to buy a fresh insurance plan. Hence it is always recommended to pay your premium on time.
After the grace period is over, your policy lapses and you need to buy a fresh insurance plan. Hence it is always recommended to pay your premium on time.
Grace period depends on your health insurance provider and varies between 1-30 days.
Grace period depends on your health insurance provider and varies between 1-30 days.
They are completely different things. Waiting Period is the time duration from the start of a policy, that needs to be completed before the benefits of health policy can be utilised completely. On the other hand, Grace Period is the extended time limit that insurance company provides to the policy holder to pay the premium, on expiry of which, the policy lapses if the premium is still unpaid.
They are completely different things. Waiting Period is the time duration from the start of a policy, that needs to be completed before the benefits of health policy can be utilised completely. On the other hand, Grace Period is the extended time limit that insurance company provides to the policy holder to pay the premium, on expiry of which, the policy lapses if the premium is still unpaid.
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Disclaimer #1: *Customer can choose options at the time of availing insurance. Premium amount may vary accordingly. Insured is required to disclose any pre-existing condition or on going treatment before policy issuance in the proposal form.
Disclaimer #2: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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Author: Team Digit
Last updated: 23-09-2024
CIN: U66010PN2016PLC167410, IRDAI Reg. No. 158.
Go Digit General Insurance Limited (formerly known as Oben General Insurance Ltd.) - Registered Office Address - 1 to 6 floors, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, City Survey No.1579, Shivaji Nagar, Pune-411005, Maharashtra | Corporate Office Address - Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru-560095, Karnataka | Trade logo of Go Digit General Insurance Ltd. displayed above belongs to Go Digit lnfoworks Services Private Limited and is provided and used by Go Digit General Insurance Ltd. under license.