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A life insurance plan focuses on protecting your loved ones in case of an unfortunate event. So, it is important to keep the plan going without any pause. But if someday, your plan is lapsed due to an unforeseen situation, you will be able to renew it within a stipulated period and continue it again. In this article, we will understand the process of life insurance renewal and understand its importance.
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Life Insurance Renewal is the process of restarting a lapsed policy after paying the pending premiums along with certain penalties/interest rates to the insurer. If your life insurance policy has lapsed because you didn't pay the premiums on time, you can usually start it again within 5 years. You can easily check if your policy can be revived during this time by checking your policy document or contacting the customer care service of the insurer. Furthermore, you can contact Policybazaar and request them to let you know about the lapsed policy status and renewal charges and procedures.
Let’s understand this with the help of an example:
Rajesh had purchased a term life insurance policy when he was 18 years old for a cover up to 38 years of age. He paid ₹525/month as premium until he stopped paying after 2 years due to financial crunch. He was given a grace period of 30 days, but failed to pay his premiums even then. Soon after the grace period was over, his policy lapsed. After a month, he contacted Policybazaar to help him with the renewal of his term insurance policy. He then followed the procedure to renew his plan and paid the dues alongwith the interest and renewed his policy without hassle.
Term Plans
There are several ways available on the Policybazaar platform for processing life insurance premium payments. Here are the options you can choose from when renewing your life insurance policy through Policybazaar:
If accessing from a PC/Desktop:
If you're on a desktop, go to the top of this page and enter your Life Insurance Policy Number and Date of Birth from your current policy documents. A QR Code will then be generated which will direct you to Policybazaar's in-app Policy Renewal page, where you can renew your policy.
If accessing from a Mobile:
You can enter your contact number and receive a link to the payment gateway via text message or on WhatsApp.
On getting redirected to the Life Insurance Policy renewal detail page on the Policybazaar app, you can review the premium payment information and then, proceed to choose your preferred payment mode to pay the dues and complete the renewal process.
Alternatively,
Step 1: Visit the official website of Policybazaar and click on Renewal.
Step 2: Select ‘Life Renewal’ from the Renewal drop-down list.
Step 3: Choose your insurer from the list of insurer options provided on the screen.
Step 4: Enter your Policy Number and DoB mentioned in the Policy documents.
Step 5: Review the policy renewal information and proceed to choose your preferred payment mode and pay the renewal dues to complete the process
**Note: Post payment success, the renewal amount gets settled with your selected insurer in 3-5 business days.
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Here is the list of insurers that offer life insurance renewal through Policybazaar:
| Insurers Offering Life Insurance Renewal Facility Through Policybazaar | ||
| Tata AIA Life Insurance Renewal | HDFC Life Insurance Renewal | Bajaj Allianz Life Insurance Renewal |
| Max Life Insurance Renewal | ICICI Prudential Life Insurance Renewal | LIC of India Renewal |
| TATA AIA Life Insurance Renewal | Bharti Axa Life Insurance Renewal | Edelweiss Tokio Life Insurance Renewal |
| PNB MetLife Insurance Renewal | Aegon Life Insurance Renewal | Kotak Life Insurance Renewal |
| Canara HSBC Life Insurance Renewal | IndiaFirst Life Insurance Renewal | |
| SBI Life Insurance Renewal | Aditya Birla Life Insurance Renewal | |
If you do not renew your life insurance policy, you can face the following consequences:
Coverage Ends: Your insurance coverage stops, leaving your loved ones without financial protection.
Loss of Premiums: You lose the money you paid in premiums, which is non-refundable.
No Death Benefit: If you pass away after the policy lapses, your beneficiaries won't receive the death benefit.
Risk of Reapplying: To get coverage again, you may need to reapply, which could be more expensive, especially if your health has changed.
Possible Waiting Period: You might face a waiting period before the new coverage becomes active, leaving you temporarily unprotected.
Here are a few points to consider if you plan to renew your life insurance policy:
Job Change: When your income rises due to a new job or career change, your lifestyle and expenses often change too. Consider reviewing your life insurance as your family could be financially vulnerable if something happens to you, given the increased expenses.
Marriage: Marriage is a major life event that can impact your finances and may increase the number of dependents. Check if your spouse already has coverage and determine if you need additional coverage under your policy.
Home Purchase: Buying a new home is a significant financial commitment. Ensure your current life insurance coverage can cover your home loan in case something happens to you, relieving your family from the burden of mortgage payments.
Parenthood: Raising a child comes with significant expenses. Review and consider increasing your life insurance coverage to provide a secure financial legacy for your child in case of unforeseen circumstances.
In conclusion, Life Insurance Renewal offers policyholders the opportunity to revive lapsed policies by settling overdue premiums and any associated penalties or interest. By renewing your policies, you can make sure the protection that you planned to provide your loved ones is not at stake. You can contact Policybazaar for life insurance renewal and complete the process without hassle.
†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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