We don't know when the unfortunate will happen with us, but it is possible for us to reduce the financial effect of these risks & secure ourselves financially, when large financial burdens like hospital bills, vehicle repairer cost. If you have Insurance it will helps to meet the costs. At its core, the concept of insurance is very basic; when you have something to lose, and you can't afford to pay for a loss yourself as well as your beloved one by paying the Insurance premium.

Generally, premiums remain the same throughout the tenure of the policy. If the policyholder develops some illness caused by the habits like smoking or drinking then he goes to the risk pool that causes the price of the premium to go up. It is important to make such a declaration of illness or habits to simplify the claim process without any rejection.

In case of missed health insurance renewal due date, your insurance company will give you a grace period of 15 days. If you again miss making the premium payment during the grace period, you may lose your continuity benefit, be denied policy renewal, lose out on no claim bonus, or be asked to serve with waiting periods from the start.