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IndiaFirst Life Insurance Grace Period

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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What Is IndiaFirst Life Insurance Grace Period?

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

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

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.

*Note: You can easily use the term insurance calculator and calculate your premium amount of the ideal term plan in less than 2 minutes.

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

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.

*Note: You can compare best term plans from Policybazaar in 2 minutes and learn about their grace period and free look period very easily.

Wrapping It Up!

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.


  • Q: What is the grace period in life insurance?

    Ans: 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 IndiaFirst Life Insurance?

    Ans: IndiaFirst Life Insurance provides a comprehensive range of life insurance plans to customers that offer a protective shield for their loved ones, making sure that their future is financially secure and safeguarded against life's uncertainties.
  • Q: What is the grace period for IndiaFirst Life Insurance?

    Ans: The grace period is extra time provided, lasting between 15 to 30 days, for policyholders who miss premium payments due to unforeseen reasons.
  • Q: How can I revive my lapsed IndiaFirst Life Insurance policy?

    Ans: There's a revival period of up to 2 years to renew your IndiaFirst Life Insurance. To revive, pay pending premiums, including all the applicable penalty fees, undergo new medical tests, and restart the application process.
  • Q: Is the grace period the same as the free look period?

    Ans: 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.
  • Q: What happens if I miss the grace period for term life insurance?

    Ans: Missing the grace period results in the termination of life insurance coverage, leading to the lapse of the policy and loss of plan benefits.

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