Which of the following is NOT a function of the Grace Period provision?

The Grace Period provision is a key feature in health insurance policies that allows policyholders additional time to make premium payments without losing coverage. Primarily, it serves to prevent immediate policy cancellation in the event that a payment is overdue, which provides valuable coverage continuity for the insured. This safety net allows insured individuals to manage their financial obligations without the abrupt loss of their healthcare protection.

Understanding the other options helps clarify why the correct answer pertains to the increase in the premium amount. The Grace Period does not involve changing the cost of the insurance policy. Instead, it simply grants leniency concerning payment timelines. Therefore, increasing the premium amount is not a function served by the Grace Period; it strictly pertains to facilitating timely payments without penalties or coverage lapses.

In summary, while the Grace Period allows for premium payment grace, maintains coverage temporarily, and prevents immediate policy cancellation, altering the premium amount is not within its scope.