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IndiaFirst Life Insurance offers a grace period as additional time provided to policyholders in case of a missed premium payment due to unforeseen circumstances. During this timeframe, the policyholder must settle the unpaid premium, and failure to do so will lead to the policy lapsing. Know more details about the IndiaFirst Life Insurance Grace Period here.
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IndiaFirst 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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If you unfortunately miss the premium payment of your IndiaFirst 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 termination/lapsation of term life insurance plan and the life cover that comes with it. Further, in the case of your unfortunate demise, your family will not be able to receive the promised death benefit due to the missed premium payment.
Higher policy renewal costs: After the grace period, the renewal of your lapsed life insurance policy incurs additional costs like penalties and revival fees, thereby adding financial challenges to the renewal process.
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Once the grace period for your IndiaFirst 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 spans up to 2 years, after which the insurer considers the policy fully lapsed. To renew/reinstate the life insurance policy, the policyholder must pay all outstanding premium installments, including any penalty fees for late payments. The renewal/reinstatement process also involves undergoing new medical tests, and restarting the application process from the beginning is essential for a successful revival.
No, the grace period for IndiaFirst Term Insurance is different from a free look period. While the grace period for term life insurance provides policyholders with extra time to address outstanding premiums, a free look period offers a designated timeframe for evaluating if the IndiaFirst life insurance policy suits him well. Within this free look period, the policyholder has the freedom to confirm or terminate the life insurance policy for any reason, without incurring penalties or surrender charges. The insurer does not view policy termination during the free look period as a violation of the contract. Although the duration of the free look period varies among insurers, it typically spans from 10 to 30 days. In the case of IndiaFirst Life policy, the free look period is 15 days under monthly mode and in case of other premium payment modes, it is 30 days.
Understanding the IndiaFirst Life Insurance grace period is crucial for policyholders. This extra time after a missed payment presents a valuable opportunity to maintain an active policy. If the grace period concludes, there is still an option to renew the policy, albeit with potential additional charges. Staying informed about these details ensures timely decisions to sustain life insurance coverage with IndiaFirst Life Insurance.
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+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
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
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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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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