Health insurance coverage insurance policies can’t be renewed after grace interval

During the coverage time period, a policyholder has requested emigrate from non-smoker to smoker class. Will the insurer replace his coverage time period and cost an elevated premium or cancel his coverage? Will the declare be paid by the insurer in future?

—Name withheld on request

A life insurance coverage coverage can’t be modified mid-term. If the policyholder turned a smoker after the coverage was put in place, then there is no such thing as a provision emigrate the coverage from a non-smoker to a smoker.

However, after getting intimated the insurer concerning the change of standing from a non-smoker to a smoker, the insurer is more likely to do a verification. Insurers would need to confirm if the smoking standing was declared precisely on the time of the coverage proposal. If the insurance coverage is satisfied a couple of false declaration, they could transfer to cancel the coverage.

I’ve had a household well being coverage since 2017. On 1 September 2020, the coverage expired and no notification or reminder was despatched to me for renewing it. Now, is it potential to proceed with the identical coverage as I’ve already coated the ready interval tenure for pre-existing ailments?

—Name withheld on request

Health insurance coverage insurance policies typically carry a grace interval of 30 days. If a coverage is renewed inside this era, then the ready interval accomplished is carried over. However, publish the grace interval, typically, the coverage can’t be renewed with out a recent ready interval.

You can, nonetheless, make a request to the insurer citing the shortage of notification to revive the coverage for you.

In some instances, insurance coverage firms do make exceptions and reinstate the coverage.

Abhishek Bondia is principal officer and managing director, SafeNow.in.

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