Bajaj Life Insurance Grace Period

Bajaj Life Insurance grace period is an extra time period provided to policyholders by the insurer in the event of a missed premium payment due to unforeseen circumstances. Within this period, the policyholder is required to settle the unpaid premium, and failure to do so will result in the lapsation of the policy. Let’s understand further details about the Bajaj Life grace period here.

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What Is Bajaj Life Insurance Grace Period?

Bajaj Life Insurance grace period refers to the additional time granted to policyholders if they fail to make their premium payment due to certain unwanted situations. Usually lasting between 15 to 30 days, this grace period for term life insurance serves as a reminder of the policyholder’s outstanding payments. Additionally, during this timeframe, the insurer may inquire about the reasons behind the delay in premium payment. If the premium isn't paid by the end of this period, the life insurance policy lapses, leading to a loss of plan benefits. Therefore, even if a life insurance claim is submitted after the grace period ends, the insurer will have the right to reject it.

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What Happens if You Miss The Grace Period For Your Bajaj Life Insurance Policy?

If you unfortunately miss the premium payment of your Bajaj Life Insurance policy during the grace period, you will have to undergo the following losses:

Loss of life insurance coverage: The end of the grace period for term life insurance leads to the lapsation/termination of life insurance policy and the coverage that comes along with it. In the case of your untimely demise thereafter, your family will not receive the promised death benefit because of the missed premium payment.
Higher policy renewal costs: Following the grace period, renewing your already lapsed life insurance policy involves additional expenses such as penalties and revival fees, thereby, making the renewal process more financially difficult.

What To Do If Your Bajaj Life Insurance Policy Grace Period Expires?

Once the grace period for your Bajaj Life Insurance policy concludes and your policy lapses due to non-payment of outstanding premiums, there is a revival period during which you can revive your life or term insurance policy. The revival/reinstatement period generally extends for a maximum of 2 years, beyond which the insurer claims the policy to be fully lapsed. To renew/reinstate the life insurance policy, the policyholder is required to settle all the outstanding premium installments, along with incurred penalty fees for late payments. The renewal/reinstatement procedure also necessitates undergoing new medical tests, and restarting the application process from the beginning is crucial for a successful revival.

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Is Bajaj Life Insurance Grace Period Same As Free Look Up Period?

No, the grace period for Bajaj Term Insurance is different from a free look period. While the grace period for term life insurance allows policyholders additional time to settle outstanding premiums, a free look period gives them a specific timeframe to evaluate the suitability of the Bajaj life insurance policy. During this free look period, the policyholder can purchase and cancel the life insurance policy for any reason without incurring penalties or surrender charges. Policy termination within the free look period is not considered a violation of the contract by the insurer. Although the duration of the free look period varies among insurers, it typically spans from 10 to 30 days. In the case of Bajaj Life policy, the free look period is 15 days for an offline channel and 30 days for policies that are bought online.

Wrapping It Up!

Knowing the Bajaj Life Insurance grace period is very important for policyholders. This additional time following a missed payment provides a valuable opportunity to keep the policy active. If the grace period ends, there is still an option to renew the policy, although there could be additional charges. Staying well-informed about these details ensures that you can make timely decisions to sustain your life insurance coverage with Bajaj Life Insurance.

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FAQs

Q. What is the grace period in life insurance?

A. The grace period in life insurance is the additional time provided to the policyholder after a missed premium payment, typically lasting between 15 to 30 days, to avoid policy termination.
Q. What is the grace period for Bajaj Life Insurance?

A. The grace period is extra time provided, lasting between 15 to 30 days, for policyholders who miss premium payments due to unforeseen reasons.
Q. What happens if I miss the grace period for term life insurance?

A. Missing the grace period results in the termination of life insurance coverage, leading to the lapse of the policy and loss of plan benefits.
Q. How can I revive a lapsed Bajaj Life Insurance policy?

A. There's a revival period of up to 2 years. To revive, pay pending premiums, incur possible penalty fees, undergo new medical tests, and restart the application process.
Q. Is the grace period the same as the free look period?

A. No, they are different. The grace period allows time for premium payments, while the free look period allows policyholders to assess the policy's suitability, allowing termination without penalties within a specified duration.
How to calculate the term insurance premium online?

Ans: You can easily calculate the term insurance premium online by using the term plan calculator online tool
What are the benefits of term life insurance?
Ans: Here are 4 common benefits of term insurance:
- Low premium rates
- Tax Benefits
- Death Benefit
- Long term coverage
What are the key features of term life insurance?
Ans: Below mentioned are the key features of a best term insurance policy in India:
- Affordable premium rates
- Long-tenure life protection
- Easy to understand and buy
- Riders availability
- Whole life protection
- Tax benefits
What are the key features of a best term insurance plan in India?

Ans: Let's understand what is term life policy here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month 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 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/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 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/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 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/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 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 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

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

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