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Policy Revival Period in Insurance
These days, with the growing uncertainties of life, it is immensely important to get yourself insured. A term life insurance plan with a good life cover ensures your family won’t have to cope with financial struggles if you die an untimely death. A life insurance plan needs you to pay premiums in a pre-defined schedule, against which the sum assured is paid to your nominee in the event of your death within the policy term. However, the availability of term policy benefits depends on whether you pay the premiums on time and complete the entire schedule.
1 Crore Term Insurance@Rs.21/day***
To delay is to regret
You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.
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Policy Revival Period in Insurance: A Complete Guide
Table of Content
1. What happens when the premium is not paid on the due date?
2. What is a grace period in a term policy?
3. What happens when you default even in the grace period?
4. What if you fail to renew the term policy on time?
5. What is a revival of a lapsed term policy?
6. How can you revive a lapsed policy?
A term policy requires the policyholder to pay the premiums in a chosen schedule of annual, half-yearly, quarterly or monthly payments. The premium has a due date on which the payment has to be made. Based on the payment, the policy gets renewed for the next phase. Here are some important points that need to be noted.
What happens when the premium is not paid on the due date?
The premium payments in a term policy have to be made on due dates as per schedule for a successful renewal. However, if the policyholder misses the expiry date, an extension is available. Beyond the window, the policy might lapse.
What is a grace period in a term policy?
A grace period in a term policy is the extended period available to pay the premium if you miss the due date. In an annual, half-yearly or quarterly premium payment schedule, the grace period is 30 days from the original due date. For a monthly schedule, it’s 15 days.
What happens when you default even in the grace period?
A grace period is an extra time available to pay the premium after the due date. If the policyholder fails to make the payment even in this window, he/she will bear the consequences. In some cases, the premium can still be paid along with late fees or a penalty. In the worst case, the policy might get cancelled.
What if you fail to renew the term policy on time?
A term policy offers you a pure life cover where the death benefit is paid in exchange for premiums. Hence, if you fail to renew on time, the policy gets cancelled and the life cover ceases to work. No death benefit is available anymore and the premiums already paid are not returned. It’s indeed a major loss when the policy is a Rs 1 crore term plan and you end up losing its benefits.
What is a revival of a lapsed term policy?
A revival of a lapsed policy means reinstating the term policy to get back the benefits. It is the process in which the policy gets back into operation even after default payment and cancellation. However, this remains a choice of the said insurance company based on its terms and conditions.
How can you revive a lapsed policy?
Some insurers allow the renewal of a lapsed policy. For this, a few documents like health certificates and KYC proofs have to be submitted. Also, certain fees are payable to revive a lapsed policy. The list includes late penalties, interests accrued for the default period and the payment of the outstanding amount of unpaid premiums. You might also face a new set of terms and conditions imposed by the insurer.
What is the revival period in life insurance?
A revival period in life insurance refers to the time band allowed by the insurance company to recover a lapsed policy. Typically, this period ranges between 3-5 years and varies across insurers. The start of the period is from the due date of the first unpaid premium.
How to avoid missing policy renewals?
You can avoid failing premium due dates or consequent policy lapse by maintaining payment through the following options:
Create a calendar for your premium payments and set an alert.
Set a standing instruction for your bank to deduct premiums through ECS.
Choose auto-pay options through your ATM card or UPI.
Choose a policy that’s easily affordable for you.
Related Articles
- What Happens When your Life Insurance Policy Lapses?
- Guide to Renew Your Insurance Policy
- A Complete Guide on How Can You Avoid Term Insurance Policy Lapse
- Understanding Term Insurance Lapse: Impact on Coverage and Premiums
- Introduction to Investing: A Beginners Guide!
- How to Diversify Your Portfolio: 5 Investment Tips for you?
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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Here's all you should know about life insurance.
We help you to make informed insurance decisions for a life time.
HDFC Life
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HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
^ Available under Life & Life Plus plan options
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 23-24
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
**7% online discount available on 1st year premium only
@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
ARN - ED/01/24/7493
