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Aditya Birla is an Indian private insurer providing comprehensive pure-protection plans to financially secure your families in case of an eventuality. This insurance company offers a grace period in the form of an additional time during which the customers can pay their due premiums even after the end of the due date. Let us take a look at what is a grace period and how you can use it to pay your premiums.
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Aditya Birla Sun Life Term Insurance Plan offers various comprehensive term insurance plans that provide financial protection to your nominees in exchange for the regular premiums paid. These premiums have to be paid before the due date, but insurance companies often provide a grace period for premium payments. This period begins after the end of the premium due date and allows you to pay your premiums without lapsing your term plan at no extra/penalty charges. Here is a list of different term insurance premium payment methods available for Aditya Birla.
Note: Now that you know that what is Grace Period For Aditya Birla Term Insurance Plans, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Single premium pay: One lump sum payment
Regular premium pay: Monthly, quarterly, yearly, or half-yearly installments as per the insurer.
Let us see the Aditya Birla term insurance grace period offered for different premium payment modes
| Premium Payment Mode | Grace Period |
| Monthly | 15 days |
| Quarterly | 30 days |
| Bi-annually | 30 days |
| Yearly | 30 days |
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
Term Plans
Many customers find paying the premiums on the due date difficult as they might not have enough funds on the due date. Term insurance grace period works by providing the policyholders with an extended period after the end of the due date to pay their premiums. So if your premium due date is on the 7th of April, you will receive a grace period of 15 days, which means you can pay your premiums until the 21st of April without accidentally lapsing your policy.
If you forget to pay your Aditya Birla term plan premiums even after the end of the grace period, your policy will lapse. It means that you will no longer be covered under the policy benefits and in case of your unfortunate death during the policy term, your family will not be eligible to register death claims.
Various term insurance companies offer a revival period of around 2 years during which you can revive your lapsed policy by paying the premiums remaining up until that point, paying the penalty and revival amount, and submitting a health certificate. This is because reviving the previous plan can be more cost-effective as the previous plan will be revived at a lower premium whereas if you purchase a new term plan, the premiums of the new plan will be higher as the premium rates increase with age. However, you should always compare the cost for both, reviving and purchasing a new plan before making the decision most suitable for you.
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Here is a list of all the documents required to revive a lapsed Aditya Birla term insurance plan:
For a policy in lapse for less than 6 months
Outstanding premiums
Revival Charge
For a policy in lapse for more than 6 months
Penalty amount
Health certificate
Outstanding premiums
Revival charge
Interest rates
For a policy in lapse for more than a year
Outstanding Premiums
Health certificate
Proof of Income
Revival Charges
Interest rate charges
Revival and quotes application
Self-attested ID and Address proof
Penalty amount
The Aditya Birla term insurance grace period offers policyholders the flexibility to pay their term plan premiums at their own pace. It allows them to keep their policy active even after the end of the due date and pay the premiums within 15-30 days after the last date of paying premiums. You can pay your premiums online or offline during this period.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†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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