How Can You Revive a Lapsed Life Insurance Policy? and What Happens If You Stop Paying Life Insurance Premiums? · Content Duplication Tool

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How can you revive a lapsed policy?

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Glossary

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Start Young, Pay Less, Stay Secured

Coverage for spouse Block your premium rate Covers 40 critical illness

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Start Young, Pay Less, Stay Secured

Coverage for spouse Block your premium rate Covers 40 critical illness

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Family Shield: Enhanced Protection

3 Plan options Life cover till 99 years Steady income benefit Block your premium at inception

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Family Shield: Enhanced Protection

3 Plan options Life cover till 99 years Steady income benefit Block your premium at inception

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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What happens when you do not pay the premium on time?

Both term insurance plans as well as life insurance plans provide you a life cover in exchange for the premium paid for the desired policy term. If you forget to pay the premium on the specified date due to any circumstances beyond your control or because you do not wish to continue with the policy, a grace period is provided. This can range anywhere from 15 days to 30 days depending on your insurer and policy guidelines. While a grace period of 15 days is applicable for policies with a monthly payment mode, you can avail up to 30 days of grace on all other payment frequencies including yearly, half-yearly and quarterly.

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What is the Maximum Deadline to Pay Premiums of a Life Insurance Policy?

According to the Insurance Regulatory and Development Authority of India ( IRDAI ) guidelines, policyholders are provided a grace period of 15 days for monthly premium payments and 30 days for quarterly, half-yearly, or annual premium payments from the due date. It applies to all life insurance plans. Insurance companies understand that not everyone can pay the premium before or on the due date. Sometimes, for unavoidable reasons, a person may fail to pay it. After the grace period ends, the consequences depend on your policy type. While term insurance policies generally lapse, savings-oriented policies may continue with reduced benefits if they have acquired a paid-up value. Therefore, reviewing your policy terms before making any missed premium payments is important.

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How can you revive a lapsed policy?

Glossary

Start Young, Pay Less, Stay Secured

Start Young, Pay Less, Stay Secured

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Family Shield: Enhanced Protection

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What happens when you do not pay the premium on time?

What is the Maximum Deadline to Pay Premiums of a Life Insurance Policy?