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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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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

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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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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Popular Searches

Term 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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Glossary

Grace Period: Extra time after the premium due date to pay without immediate policy lapse Policy Lapse: Termination of a life insurance policy due to non-payment of premiums

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Glossary

Grace Period: The additional time after the premium due date during which coverage continues without lapse Policy Lapse: Termination of life cover due to non-payment of premium after the grace period

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Key Takeaways

Most insurers offer a grace period of 15 days for monthly premiums and 30 days for quarterly, half-yearly, or annual premiums before the policy lapses.

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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.

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Should you Buy a New Policy or Reinstate the Old One?

You will need to undergo the insurer's underwriting process again, which may include medical examinations and fresh documentation. You must pay overdue premiums, interest, and any applicable revival charges before the policy can be restored.

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What to Do After the Grace Period Ends?

To restore coverage, you must apply for policy revival (also called reinstatement) by paying all overdue premiums along with applicable interest. The insurer may also require you to submit a revival application form and, in some cases, undergo fresh medical underwriting depending on the duration of the lapse and policy terms.

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Consequences of Premium Non-Payment across Policy Types

The policy generally lapses after the grace period, and the life cover ends. Once lapsed, no death benefit is payable unless the policy is successfully revived, subject to the insurer's terms and conditions.

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What to Do After the Grace Period Ends?

If you fail to pay your premiums even after the grace period ends, then your policy may lapse due to non-payment of premiums. Once a policy lapses, the life cover and associated benefits generally cease.