Health insurance new rule: You will get full coverage during grace period even if premium is unpaid, mandates IRDAI
Published by Economic Times
Abhishek Kumar's role: Quoted
Abhishek Kumar, founder of SahajMoney, noted that cover during the grace period was earlier optional and offered by only some insurers, but is now required of all insurers.
More of Abhishek's views on insurance
Economic Times explains an IRDAI master circular dated 29 May 2024 that standardised the grace period for health insurance premiums paid in instalments: 15 days for monthly payments and 30 days for quarterly, half-yearly or annual ones. Insurers must now provide cover during the grace period, which was earlier optional, and the article works through a hospitalisation example. It includes comments from Abhishek Kumar.
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Health insurance new rule: You will get full coverage during grace period even if premium is unpaid, mandates IRDAI