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Kotak Life Insurance Grace Period

Kotak life grace period refers to the extra time provided by the Kotak life insurance company to the customers, allowing them to pay their premiums at their convenience. This ensures that the customers can pay their premiums and continue policy coverage without lapsing thier policy.

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What is Kotak Life Insurance Grace Period?

The Kotak life grace period is the additional period the insurer provides, allowing the policyholder to pay the premiums without worrying about their policy lapsing. This period begins after the end of the life insurance premium due date. If you somehow miss a premium payment during the grace period, the policy will lapse and no longer cover you or provide death benefits in case of your untimely death.

You can pay the term insurance premiums for your Kotak grace period in the following two ways:

  • Single Payment: The premium is paid in one go at the time of buying the policy

  • Regular Payment: You can pay the premiums in a regular premium payment mode or a limited premium payment term

The Kotak Life Insurance Company provides the following grace period for their life insurance policies purchased online.

Premium Payment Mode Kotak Life Insurance Grace Period
Monthly 15 Days
Quarterly 30 Days
Half-yearly 30 Days
Yearly 30 Days

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How Does Kotak Life Grace Period Work?

Kotak Life Insurance provides a grace period during which the policyholders can pay the premiums without lapsing the policy. Let us understand this with an example:

Suppose Raman bought a 1 crore term insurance for 40 years to financially secure his family in the event of his unfortunate death. If Raman’s due date for premium payments is on the 5th of every month, he will be eligible to receive a 15-day Kotak life insurance grace period to make the premium payments. He can easily pay the premiums during this period without worrying about the policy lapsing.

What Happens at the End of the Kotak Life Grace Period?

The policy will lapse if you fail to pay the premiums during the premium due date or by the end of the Kotak life grace period. After the policy lapsation, the insurer will no longer be liable to provide the death benefit in case of the policyholder’s death during the policy term. Not only that, if you have opted for a return of premium term plan or no-cost term insurance, you will not be eligible to receive the premiums paid at the end of the policy.

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Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.

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Should You Revive the Old Policy or Buy a New Policy?

Kotak Term Insurance offers its customers the option of reviving their lapsed life insurance plans by paying the outstanding premiums, the applicable interest, and the certificate of good health. You can compare the premiums and benefits offered for both the new plan and the lapsed policy to decide on the right policy coverage you need. 

If the cost of reviving the old life insurance is less than the cost of a new plan, then you should revive the old life insurance plan. However, if you get better benefits in the newer plan, you can buy it instead of reviving the old plan.

What are the Documents Required to Revive the Kotak Life Grace Period?

Here is a list of the documents required for the Kotak grace period:

  • Outstanding premiums

  • Revival charges

  • Interest charges

  • Certificate of good health

And any other documents as per the company’s T&Cs.

Wrapping it Up!

With the Kotak life insurance grace period, customers get an additional period to pay their premiums without accidentally canceling their policy. This gives customers some flexibility for the premium payment and allows them to pay the premiums at their own convenience if they don't have the funds ready by the premium due date.

Note: Check out the best term life insurance in India and choose one that suits your requirements.

Note: You should also check the term life insurance benefits if you are planning to purchase the term insurance plan.

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