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  • Glossary

    Health Insurance Terms Made Easy To Understand.

Grace Period

The Grace Period is an extended period of time following a health insurance policy's renewal date. During this time, policyholders can pay their insurance premiums and renew their policies if they haven't already done so by the renewal date. Insurers allow policyholders to continue utilising their policy benefits during the grace period, which usually lasts 15 to 30 days after policy expiration.

Group Health Insurance

A Group Health Insurance policy is an insurance plan that covers an organisation's members. Private corporate organisations and government entities typically purchase these insurance plans for their employees, offering it as one of the many perks of employment. The policy remains active only for the duration of employment. If a policyholder leaves the organisation, the employer terminates the policy.

Guaranteed Renewal Contract

A guaranteed renewal contract in a policy guarantees that the insurer does not cancel a policyholder's health insurance plan after the policyholder's health changes due to certain underlying issues. For instance, insurers may choose not to renew a policy after a policyholder is diagnosed with serious health conditions. In such cases, a guaranteed renewal contract prevents insurers from exercising the policy termination clause.

Genetic Disorders

Genetic disorders are conditions prevalent in the human body due to mutation in the cell's deoxyribonucleic acid (DNA) sequence. Patients with genetic disorders typically inherit the disorders from their parents. In health insurance, genetic disorders are usually categorised under pre-existing disorders, for which the insurance terms differ from regular health insurance plans.

Grievances Redressal Procedure

A grievance redressal procedure allows policyholders to raise queries with the insurance provider. Grievance redressal can be categorised into various stages. Policyholders can contact their insurer's customer care helpline, email the insurance provider, send a written appeal to the chairperson of the grievance redressal committee and, in extreme cases, approach the Insurance Regulatory Department and Authority of India (IRDAI).

General Insurance

General insurance comprises a wide range of insurance policies that help policyholders safeguard their various assets from damages, financial expenses, etc. Common examples of general insurance in India include Health insurance, Vehicle Insurance, Home Insurance, etc. These policies cover policyholders against financial expenses of various kinds and come with customisation benefits.