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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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Frequently Asked Questions

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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Popular Searches

Term Life Insurance Whole Life Insurance Critical Illness Insurance Accidental Death Benefit Rider Compare Life Insurance Quotes Best Life Insurance Companies In India Factors Affecting Life Insurance Premiums

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Popular Searches

Term Life Insurance Whole Life Insurance Critical Illness Insurance Accidental Death Benefit Rider Compare Life Insurance Quotes Best Life Insurance Companies In India Factors Affecting Life Insurance Premiums

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Popular Searches

Life Insurance Rider Life Insurance Plans Types of Life Insurance Term Life Insurance Tax Benefit What is Insurance? Life Insurance Premium Life Insurance For Children

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Popular Searches

Life Insurance Rider Life Insurance Plans Types of Life Insurance Term Life Insurance Tax Benefit What is Insurance? Life Insurance Premium Life Insurance For Children

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Popular Searches

Life Insurance for Seniors Whole Life Insurance Plans Group Life Insurance Plans Life Insurance Claim Process Tax Benefits of Life Insurance

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Popular Searches

Life Insurance for Seniors Whole Life Insurance Plans Group Life Insurance Plans Life Insurance Claim Process Tax Benefits of Life Insurance

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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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Second paragraph61 words

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?

A grace period is an extension provided by the insurer post your policy due date to help you pay your premium so that you can revive your insurance plan and continue to avail the coverage. However, if the premium payment is not made by the insured even during this grace period, the policy becomes null and void. The insurance company will not provide you coverage, even if you paid previous premiums diligently. Your insurance plan benefits no longer apply and your policy is officially considered lapsed.

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Understanding Grace Period in Term Insurance: How It Works?

A grace period is the additional time provided to the insured to pay the premium before the policy lapse s. Regardless of how you pay your premiums, a due date is set. If you do not pay your premium by the due date, you will be notified by the company. After this, the grace period begins. If you do not pay even in the grace period, your life insurance policy will lapse, and the policy benefits will cease.

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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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How Long is the Grace Period?

The duration of the grace period depends on the policy terms and premium payment frequency. It typically ranges from 15 to 30 days. For monthly premium payment modes, the grace period is generally 15 days, while for quarterly, half-yearly or annual modes, it is usually 30 days.