Life Insurance Renewal

Life insurance renewal is the step that keeps your policy active and ensures continuous financial protection for your family. Every life insurance plan requires timely premium payments; missing them can lead to a policy lapse. However, insurers provide a grace period or revival facility to help policyholders restore their cover. Renewing the policy on time secures uninterrupted benefits and avoids the hassle of reapplying or losing accumulated advantages. Let us understand the process of renewing a lapsed life insurance policy and highlight its importance for policyholders.

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What Is Life Insurance Renewal?

Life Insurance Renewal restarts a lapsed policy after paying the pending premiums and certain penalties/interest rates to the insurer. If your life insurance policy has lapsed because you didn't pay the premiums on time, you can usually start it again within 5 years. You can easily check if your policy can be revived during this time by checking your policy document or contacting the insurer's customer care service. Furthermore, you can contact Policybazaar and request that they let you know the status of the lapsed policy, renewal charges, and procedures.

Let’s understand this with the help of an example:

Rajesh purchased a term life insurance policy when he was 18 years old for coverage up to 38 years of age. He paid ₹525/month as a premium until he stopped paying after 2 years due to a financial crunch. He was given a grace period of 30 days, but failed to pay his premiums even then. Soon after the grace period was over, his policy lapsed. After a month, he contacted Policybazaar to help him with the renewal of his term insurance policy. He then followed the procedure to renew his plan and paid the dues alongwith the interest and renewed his policy without hassle.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

How To Renew A Life Insurance Policy From Policybazaar?

Several ways are available on the Policybazaar platform for processing life insurance premium payments. Here are the options you can choose from when renewing your life insurance policy through Policybazaar:

If accessing from a PC/Desktop:

If you're on a desktop, go to the top of this page and enter your Life Insurance Policy Number and Date of Birth from your current policy documents. A QR Code will then be generated which will direct you to Policybazaar's in-app Policy Renewal page, where you can renew your policy.

If accessing from a Mobile:

You can enter your contact number and receive a link to the payment gateway via text message or on WhatsApp.

You will be redirected to the Life Insurance Policy renewal detail page on the Policybazaar app. There, you can review the premium payment information and then proceed to choose your preferred payment mode to pay the dues and complete the renewal process.

Alternatively,

Step 1: Visit the official website of Policybazaar and click on Renewal.

Step 2: Select ‘Life Renewal’ from the Renewal drop-down list.

Step 3: Choose your insurer from the list of insurer options provided on the screen.

Step 4: Enter your Policy Number and DoB mentioned in the Policy documents.

Step 5: Review the policy renewal information and proceed to choose your preferred payment mode and pay the renewal dues to complete the process

**Note: Post payment success, the renewal amount gets settled with your selected insurer in 3-5 business days.

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List Of Insurers That Offer Life Insurance Renewal Through Policybazaar

Here is the list of insurers that offer life insurance renewal through Policybazaar:

Insurers Offering Life Insurance Renewal Facility Through Policybazaar
Tata AIA Life Insurance Renewal	HDFC Life Insurance Renewal	Bajaj Allianz Life Insurance Renewal
Axis Max Life Insurance Renewal	ICICI Prudential Life Insurance Renewal	LIC of India Renewal
TATA AIA Life Insurance Renewal	Bharti Axa Life Insurance Renewal	Edelweiss Tokio Life Insurance Renewal
PNB MetLife Insurance Renewal	Aegon Life Insurance Renewal	Kotak Life Insurance Renewal
Canara HSBC Life Insurance Renewal	IndiaFirst Life Insurance Renewal
SBI Life Insurance Renewal	Aditya Birla Life Insurance Renewal

What Happens If You Do Not Renew Your Policy?

If you do not renew your life insurance policy, you can face the following consequences:

Coverage Ends: Your insurance coverage stops, leaving your loved ones without financial protection.
Loss of Premiums: You lose the money you paid in premiums, which is non-refundable.
No Death Benefit: If you pass away after the policy lapses, your beneficiaries won't receive the death benefit.
Risk of Reapplying: You may need to reapply to get coverage again, which could be more expensive, especially if your health has changed.
Possible Waiting Period: You might face a waiting period before the new coverage becomes active, leaving you temporarily unprotected.

What Are A Few Things To Consider If You Plan To Renew Your Life Insurance Policy?

Here are a few points to consider if you plan to renew your life insurance policy:

Job Change: When your income rises due to a new job or career change, your lifestyle and expenses often change, too. Given the increased expenses, consider reviewing your life insurance, as your family could be financially vulnerable if something happens to you.
Marriage: Marriage is a major life event that can impact your finances and may increase the number of dependents. Check if your spouse already has coverage and determine if you need additional coverage under your policy.
Home Purchase: Buying a new home is a significant financial commitment. Ensure your current life insurance coverage can cover your home loan in case something happens to you, relieving your family from the burden of mortgage payments.
Parenthood: Raising a child comes with significant expenses. Review and consider increasing your life insurance coverage to provide a secure financial legacy for your child in case of unforeseen circumstances.

Wrapping It Up!

Life insurance renewal ensures your policy remains active and your family's financial safety is never compromised. Even if your plan lapses, you can revive it by clearing pending premiums and applicable charges within the insurer's timelines. Renewing on time helps you avoid losing benefits and keeps your coverage uninterrupted. With platforms like Policybazaar, the renewal process is quick and convenient, allowing you to manage your policy without stress. Staying regular with renewals guarantees that the protection you planned for your loved ones continues without any breaks.

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What is Term Life Insurance

FAQs

What is life insurance renewal?

Ans: Life insurance renewal is the process of reactivating a lapsed life insurance policy by paying overdue premiums and any associated penalties or interest.
How long can I renew a lapsed policy?

Ans: Typically, you can renew a lapsed life insurance policy within about 5 years, but this can vary depending on your insurer and policy terms.
How can I check if my policy is eligible for renewal?

Ans: You can check your policy document or contact your insurance company's customer service to determine if your policy can be renewed. Or you can contact Policybazaar’s customer service team to help you check the status.
What happens if I don't renew my lapsed policy?

Ans: If you don't renew your lapsed policy, your coverage ends, and your beneficiaries won't receive the death benefit. You may also lose the premiums you paid.
Can Policybazaar help with renewal?

Ans: Yes,Policybazaar can assist by providing information on the status of your lapsed policy and guiding you through the renewal process.
How to calculate the term insurance premium online?

Ans: You can easily calculate the term insurance premium online by using the term policy calculator online tool
What are the benefits of term life insurance?
Ans: Here are 4 common term life insurance benefits:
- Low premium rates
- Tax Benefits
- Death Benefit
- Long term coverage
What are the benefits of term life insurance?
Ans: Below mentioned are the key features of a best term life insurance 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 plan 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

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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