TATA AIA Life Insurance Grace Period

TATA AIA Life Insurance grace period is the time allowed to pay a missed premium amount after the due date without the policy lapsing. For monthly payments, you get 15 days, while for half-yearly, yearly, or other payment modes, you get 30 days. During this time, your life insurance cover stays active. So, if something happens to the policyholder, the nominee will still receive the death benefit, but the company will first deduct any unpaid premium. This grace period gives you some flexibility while ensuring your family remains protected. Let’s learn more about the TATA AIA Life Insurance grace period

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What Is TATA AIA Life Insurance Grace Period?

TATA AIA Life Insurance grace period refers to the extra time provided to the policyholder by TATA AIA Life Insurance, if they miss paying their premium due to unforeseen reasons. The grace period usually lasts between 15 to 30 days and serves as a reminder for pending payments. Moreover, during this period, the insurer also inquires about the cause of the premium payment delay. For example, if a TATA AIA Term Insurance Payment is missed, the grace period ensures the policyholder still gets time to clear dues. 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, the insurer will have the right to reject it.

How Long is the Tata AIA Life Insurance Grace Period?

15 days: for monthly payments
30 days: for half-yearly, and other payment modes

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

If you miss your premium payment for your TATA AIA Life Insurance policy during the grace period, you will have to undergo the following losses:

Loss of life insurance coverage: Expiry of the grace period results in the termination of life insurance coverage. In the unfortunate event of your death thereafter, your family won't receive the promised death benefit due to the missed premium payment.
Higher policy renewal costs: Following the grace period, renewing your lapsed life insurance policy involves additional expenses like penalties and revival fees, making the renewal process more financially burdensome.

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

Once the grace period for your TATA AIA 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. This revival/reinstatement window usually spans up to 2 years, after which the insurer considers the policy fully lapsed. To revive the life insurance policy, the policyholder needs to pay all pending premium installments and may incur penalty fees for late payments. The reinstatement process also involves undergoing new medical tests, and restarting the application process from the beginning is essential for a successful revival.

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Is TATA AIA Life Insurance Grace Period Same As Free Look Up Period?

No, the grace period in TATA AIA Term Insurance is not the same as the free look period. The grace period applies when a policyholder misses a premium deadline and gets extra time to make the Tata AIA Term Insurance Payment or any other policy premium without losing coverage. On the other hand, the free look period is offered right after purchasing the policy. It allows the policyholder to review the terms, decide if the plan meets their needs, and even cancel it without penalties or surrender charges. While the free look period usually ranges from 10 to 30 days across insurers, TATA AIA Life Insurance provides 15 days for policyholders to exercise this option.

What is Tata AIA Term Insurance Premium Grace Period?

The grace period provides a valuable buffer for Tata AIA's term insurance. You can make your Tata AIA term insurance payment of premiums during this time using a variety of convenient methods. Tata AIA offers multiple digital payment options for term plans, including Net Banking, credit cards, debit cards, UPI, and mobile wallets. These online methods ensure you can pay your premium from anywhere at any time, helping you avoid a policy lapse and maintain continuous coverage for your family, even if you miss the original due date.

Wrapping It Up!

Being aware of the Tata AIA Life Insurance grace period is essential for policyholders. This extra time after a missed payment is a helpful chance to keep the policy active. If the grace period expires, there's a chance to renew the policy, but it may come with additional charges. Staying informed about these aspects ensures that you can make timely decisions to maintain your life insurance coverage with Tata AIA Life Insurance.

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FAQs

Q. What is the TATA AIA Life Insurance grace period?

Ans: TATA AIA Life Insurance grace period is extra time provided to policyholders if they miss premium payments due to unforeseen reasons. It typically lasts between 15 to 30 days, serving as a reminder for pending payments.
Q. What happens if I miss the grace period for my TATA AIA Life Insurance policy?

Ans: Missing the grace period results in the termination of life insurance coverage. If the premium isn't paid by the end of this period, the policy lapses, leading to a loss of plan benefits.
Q. What should I do if my TATA AIA Life Insurance policy lapses due to non-payment?

Ans: If your policy lapses, there is a revival period of up to 2 years. To revive the policy, pay pending premiums, incur possible penalty fees, undergo new medical tests, and restart the application process.
Q. Is the TATA AIA Life Insurance 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 gives policyholders a timeframe to assess the suitability of the insurance policy, 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 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 key features 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.

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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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