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PNB MetLife Term Insurance offers a grace period to pay your premiums regularly without any worry about policy lapses or reviving a lapsed policy by paying the revival charges. It is an important feature that allows you to have some flexibility with the premium payment date, as it can be difficult to remember to pay the premiums on the due date itself. Let’s take a look at what a grace period is and how it works.
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Note: Know more about what is term insurance first before reading this article.
Term Plans
A grace period for any term insurance plan means the time period provided by the insurer during which the assured can pay their premiums after the due date of the premium payment without worrying about policy lapse. This period begins right after the end of the due date. PNB MetLife term insurance plan provides different grace periods for the different premium payment modes selected by the assured.
Here is a list of premium payment methods available for term life insurance:
Single premium: It is a one-time lump sum payment
Regular premium: It is usually divided into monthly, quarterly, bi-annually, and yearly installments according to the insurer.
PNB MetLife term insurance company offers a 30-day grace period for quarterly, annually, and bi-annually paid premiums whereas a 15-day grace period for monthly premium payments.
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The term insurance grace period works by providing the policyholders with an extra period to pay their premiums after their due date without losing on the policy benefits. Suppose your due date for your bi-annual premium payment is on the 6th of September and you forgot to pay your premium on the due date, then you will get a 30-day grace period, starting from the 6th of September. During this grace period, you can pay your premiums without losing all the policy benefits and will still be covered against the risks.
In case your PNB term insurance grace period is over and you haven't paid all your premiums your policy will lapse. The cancellation of the policy means that the policy will no longer be in force and you will not be covered against the risks. In case of an eventuality during this period, your family will not receive any financial security provided under the policy benefits. You will also lose all the premiums and no longer be eligible to receive the premiums paid under the term insurance with return of premium.
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
PNB MetLife term plan offers the option of reviving the lapsed policy to allow customers to continue the life cover and benefits of term insurance plan. However, if you are wondering whether you should revive your lapsed policy or purchase a new term plan altogether, you need to keep the following points in mind before buying a new plan. Here is a list of reasons why reviving your lapsed term plan might be better than purchasing a new one.
Low Premiums: The premiums for your lapsed policy after revival will be lower than that for a new policy, as the term premium rates increase with age.
Same Life Cover and Policy Benefits: Reviving your lapsed policy would mean that you can continue your coverage under the same benefits and policy terms. Buying new term insurance might not provide you with the same benefits as before.
You should always decide on purchasing the new term plan or reviving the old policy as per your requirements.
PNB term insurance offers you the option of reviving a lapsed term plan by following the options mentioned below:
You can surrender the term plan by paying the surrender amount and receiving the fund value for your life insurance policy.
In case the policy has been active for three policy years then you have the option to revive the policy at a lower sum assured.
You can also revive the policy with the original sum assured by following the below-mentioned steps.
Here is a list of all the steps you would need to follow to revive a lapsed, term insurance plan.
Step 1: Contact your nearest PNB Life Insurance Company
Step 2: Pay the Outstanding Premiums as follows
If the policy has been in lapse for less than 6 months
Pay the outstanding premiums up until that point
Pay the interest incurred on the premiums
If the policy has been in lapse for more than 6 months
Pay the outstanding premiums up until that point
Pay the interest incurred on the premiums
Pay the revival penalty
Step 3: Provide Medical Test (in case the policy has been in lapse for more than 6 months)
The grace period essentially is the extra period provided by the insurers during which you can pay your premiums at no extra charges or interest. PNB term insurance provides this facility to all its term plan customers and failing to pay premiums even after this period will result in policy lapse.
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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