Difference Between Grace Period and Waiting Period in Health Insurance

Exploring the Difference Between Grace Period and Waiting Period in Health  Insurance

Ever-increasing medical and surgical costs might swiftly deplete one’s finances. Yet, if you have health insurance, you can receive the appropriate care and pay your medical bills faster. Depending on your demands and budget, insurance firms offer a variety of health insurance plan types, and each health policy has a specified duration. If you wish to continue coverage, you can renew your offline or online health insurance policy by paying the payment within the grace period. Also, every health insurance coverage has a waiting period or qualifying period. 

Time of Grace for Health Insurance

While the health plan is only valid for a defined period, it can be renewed by timely premium payment. If you cannot pay your premium by the due date, your insurer will grant you a grace period or a more extended period to renew your policy. During this time, your current policy benefits remain in effect. Typically, an insurer grants a grace period of 15 to 30 days. If you’re a person who often wonders what health insurance’s due date is, it is recommended to keep a reminder.

Waiting time in healthcare coverage

Also, every offline online health insurance plan has a waiting period or qualifying period. It is the day you must wait before receiving benefits from your health plan. If you submit a claim within this time frame, your insurer will refuse. The waiting period applies to pre-existing conditions, maternity charges, newborn coverage, annual health examinations, and more. Some insurance additionally includes a 30-day initial waiting period. There is no qualifying period, however, for accidental hospitalisation. Your coverage will only cease if you renew your health insurance policy, including the grace period, by the due date.

  • You will forfeit the Cumulative Bonus (CB):

If you do not submit a claim against your health insurance, your insurer may offer a premium bonus. It is known as the Cumulative Bonus (CB) and is accumulative. So, you will be eligible if you file a claim for only part of the year and renew your insurance within the grace period. But, if you fail to renew your health insurance timely, you will forfeit the incentive and incur a financial loss during medical situations. *

  • An expensive new policy: 

If you fail to renew your insurance promptly, you will need to purchase a new one to cover medical emergencies. It can be expensive, as you forfeit the Cumulative bonus. You will be required to pay a higher premium if you lose your CB. *

  • Longer waiting period: 

Some pre-existing conditions and maternity benefits are subject to a waiting period under health insurance policies. Only once the waiting period has expired can you register a claim. If you fail to renew your insurance on time, you must serve an additional waiting period for the new plan. *

A health insurance provider may require you to undergo a thorough physical examination before granting coverage. But, if you renew your policy on time, this is unnecessary. If your current health plan expires and you wish to purchase a new one, you may be required to undergo a medical examination again. That could be irritating and time-consuming. *


If you do not want a medical emergency to have an emotional and financial impact on you and your loved ones, you must promptly enrol in a medical insurance India plans

Once insured, you can receive high-quality medical care without worrying about the cost. Examine the various types of health insurance plans currently available and select one that meets your needs. Remember to renew it by remembering what is health insurance’s due date or within the grace period if you wish to continue receiving the perks. You should avoid having a lapsed health insurance policy in a medical emergency. *

* Standard T&C Apply

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘

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