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Bajaj Allianz Life Insurance grace period is an extra time period provided to policyholders by the insurer in the event of a missed premium payment due to unforeseen circumstances. Within this period, the policyholder is required to settle the unpaid premium, and failure to do so will result in the lapsation of the policy. Let’s understand further details about the Bajaj Allianz grace period here.
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Bajaj Allianz Life Insurance grace period refers to the additional time granted to policyholders if they fail to make their premium payment due to certain unwanted situations. Usually lasting between 15 to 30 days, this grace period for term life insurance serves as a reminder of the policyholder’s outstanding payments. Additionally, during this timeframe, the insurer may inquire about the reasons behind the delay in premium payment. If the premium isn't paid by the end of this period, the life insurance policy lapses, leading to a loss of plan benefits. Therefore, even if a life insurance claim is submitted after the grace period ends, the insurer will have the right to reject it.
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If you unfortunately miss the premium payment of your Bajaj Allianz Life Insurance policy during the grace period, you will have to undergo the following losses:
Loss of life insurance coverage: The end of the grace period for term life insurance leads to the lapsation/termination of life insurance policy and the coverage that comes along with it. In the case of your untimely demise thereafter, your family will not receive the promised death benefit because of the missed premium payment.
Higher policy renewal costs: Following the grace period, renewing your already lapsed life insurance policy involves additional expenses such as penalties and revival fees, thereby, making the renewal process more financially difficult.
Once the grace period for your Bajaj Allianz Life Insurance policy concludes and your policy lapses due to non-payment of outstanding premiums, there is a revival period during which you can revive your life or term insurance policy. The revival/reinstatement period generally extends for a maximum of 2 years, beyond which the insurer claims the policy to be fully lapsed. To renew/reinstate the life insurance policy, the policyholder is required to settle all the outstanding premium installments, along with incurred penalty fees for late payments. The renewal/reinstatement procedure also necessitates undergoing new medical tests, and restarting the application process from the beginning is crucial for a successful revival.
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No, the grace period for Bajaj Allianz Term Insurance is different from a free look period. While the grace period for term life insurance allows policyholders additional time to settle outstanding premiums, a free look period gives them a specific timeframe to evaluate the suitability of the Bajaj Allianz life insurance policy. During this free look period, the policyholder can purchase and cancel the life insurance policy for any reason without incurring penalties or surrender charges. Policy termination within the free look period is not considered a violation of the contract by the insurer. Although the duration of the free look period varies among insurers, it typically spans from 10 to 30 days. In the case of Bajaj Allianz Life policy, the free look period is 15 days for an offline channel and 30 days for policies that are bought online.
Knowing the Bajaj Allianz Life Insurance grace period is very important for policyholders. This additional time following a missed payment provides a valuable opportunity to keep the policy active. If the grace period ends, there is still an option to renew the policy, although there could be additional charges. Staying well-informed about these details ensures that you can make timely decisions to sustain your life insurance coverage with Bajaj Allianz Life Insurance.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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