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Aviva Life Insurance company is one of India’s largest, most trusted insurers that offers insurance and investment solutions fit for every individual’s needs. Their term insurance plans come with a grace period that allows you to pay your premium after the due date without worrying about policy lapse, in case you are unable to pay your premiums on time. Let us see in detail what the grace period is and how it works.
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Note: Know more about what is term insurance first before reading this article.
The grace period for any insurance means the extra time period provided by insurers for the customers to pay their premiums without losing on policy benefits. This period starts after the end of the premium due date and can be 15 to 30 days long. The Aviva Life Term insurance plan’s grace period depends on the premium method and premium paying term chosen by you at the time of policy purchase. The two premium paying methods are:
Single Premium Pay: One-time lump sum payment
Regular Premium Pay: Monthly, quarterly, or half-annually installments depending on the insurance company
Here is the grace period offered by Aviva life term insurance company for the various premium payment modes.
| Premium Payment Mode | Grace Period |
| Monthly | 15 days |
| Quarterly | 30 days |
| Bi-annually | 30 days |
| Annual | 30 days |
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
Term Plans
The Aviva term insurance grace period works by providing customers with extra time duration to pay their premiums after the end of the due date. So suppose you for some reason weren't able to pay your premiums for your monthly premium on the due date of 9th May, you can still pay your premiums till the 24th of that month without worrying about policy lapse. You will still be covered under the policy benefits during this period but in case you are unable to pay your premiums after the end of this grace period, your policy will lapse.
In case you are unable to pay your policy premiums after the end of the grace period, your policy will lapse. You will no longer be covered under the policy benefits and your family can't file for a death claim in case of your unexpected death. You will also no longer be eligible to receive the paid premiums up until that point, in case you have opted for a term plan with return of premium option.
If for some reason you have accidentally lapsed your previous term insurance, you have the option of either purchasing a new policy or reviving the old policy. Most insurers provide a revival period after the lapse of a policy, during which you can reinstate your lapsed policy by paying revival and other penalty charges. You should compare the costs of reviving the previous term plan or purchasing a new one and see which is more affordable. It is important to know that the price of the new plan may be higher as the premium rate increases with age. Therefore it may be wise to reinstate the previous policy as they would provide life cover at lower premiums.
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Here is a list of all the documents required to revive the old Aviva life term insurance.
For a policy in lapse for less than 6 months
Revival Charges
Outstanding Premiums
For a plan in lapse for more than 6 months
Declaration of Good Health
Revival and quotes application
Outstanding Premiums
Revival and Interest rates charges
For a plan in lapse for more than a year
Outstanding Premiums
Declaration of Good Health
Income Proof
Revival and Interest rates charges
Revival and quotes application
Self-attested ID and Address proof
Aviva term insurance offers a grace period to give their customers an extra time for policy premium payment after the end of the due date. This feature not only makes the premium paying experience easier but also convenient.
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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