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Providing a grace period for HDFC Life Term Insurance premium payments is important because an individual may not always be in a condition to make payments on time. Non-payment of premiums within the grace period could lead to a policy lapse. Such a condition could be damaging for the life assured and the company. As per IRDAI, an additional grace period of 30 days is provided for paying the HDFC Life Term Insurance renewal premium.
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Read on to know more about the HDFC Life Term Insurance Grace period in detail:
Term Plans
HDFC Life Term Insurance Grace period is defined as the time period after the due date of premium, during which the life assured can make the payment of term insurance premiums, while still availing of all the life insurance coverage benefits. The tenure of the grace period depends on the premium payment frequency such as annual, half-yearly, monthly, and the type of term insurance plan.
Most insurers have 2 ways to pay term insurance premium amount: Single premium, where 1-time premium payment is done in a lump sum while purchasing the policy. And the Regular premium pay, where you can pay the term premium amount annually, half-yearly, quarterly, and monthly as per your requirement.
The following table will provide information about the HDFC Life Term Insurance grace period as per the frequency of premium payment you select.
| Mode of Paying Premiums | Grace Period |
| Annually | 30 days |
| Half-yearly | 30 days |
| Quarterly | 30 days |
| Monthly | 15 days |
Note: Now that you know that what is HDFC Life Term Insurance Grace Period, you should also get to know about what is term insurance to buy a term plan for your loved ones.
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The grace time is generally 15 days for monthly term premium payment. i.e., regular pay but increases to 30 days for longer options of payment like half-yearly and yearly. Most insurance companies send you a reminder mail or message for paying premiums before the due date and consequently inform you if the plan has allowed for a grace period.
Let’s understand this with the help of an example:
Mr. Arora purchased a term insurance plan that expired on 01 Oct 2020, as he missed paying the amount of premium by the due date. It has happened because he lost his job so he could not be able to pay the premium as ever before. So, keeping the thing in mind, the chosen insurance company gave him a term insurance grace time of 15 days to make the relevant premium payment. He availed of all the features associated with the policy and paid the premium amount in the allowed grace period to continue enjoying the life cover.
Life cover continues even when the plan enters the grace period. The scope of coverage, sum assured and all other plan benefits stay unaffected. The premium rates remain constant and no other penalty is charged. The policyholder should pay the premium amount within the HDFC Life Term Insurance Grace period, else the plan will lapse and all the benefits and features will cease.
If you fail or misses to pay the premium amount and renew your term life insurance within the grace time, the insurer will cancel the policy. With this, you and your loved ones will have no financial stability and protection. A lapsed plan is a major loss for you as you lose the premium amount that you have paid earlier and lose the life insurance security.
However, in case of an unforeseen death when you are in between the grace time, your loved ones are eligible to get the death payout as per the policy’s T&Cs. Remember while paying the death payout, the insurer will cut the premium that is not paid.
Almost all the Indian Insurers allow the life assured to revive their lapsed plan within 2 years after the HDFC Life term insurance grace period is completed. The revival condition may differ from company to company. You should pay extra money as a penalty, interest charges, revival fees, etc. to revive the plan. Some companies may also require a medical examination and you should bear the prices out of your pocket.
So, if one is not sure whether to revive the old plan or invest in a new plan, it is always advisable to compare the prices and then make an informed decision accordingly.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
If a plan is in the lapsed state for less than 6 months
Outstanding premium
Charges of Revival
If the plan is in lapsed form for more than 6 months
Outstanding Premium
Charges of Revival and interest rates
PHS i.e., Personal Statement of Health
Application of Revival and quotes
If the plan is in lapsed status for more than 1 year
Outstanding term premium
Charges of Revival and interest rates
Application of Revival and quotes
Self-attested ID Proof
Self-attested Address proof
Proof of income
PHS i.e., Personal Statement of Health
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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