Guwahati, Oct. 12 -- The frequency of health insurance premium payments can affect the grace period available after a payment becomes due. In India, a monthly premium schedule generally comes with a shorter grace period than an annual payment.

This makes the payment frequency important not only for budgeting but also for keeping the policy on schedule. Knowing the difference can help you plan due dates better and avoid depending on the grace period for regular payments.

A grace period is the extra time available after the premium due date to make the payment without losing eligible continuity benefits linked to waiting periods and pre-existing diseases. It should not be treated as an extension of the normal due date.

IRDAI states that ...