What is Renewal in Term Insurance?

Renewing a term insurance plan means paying the second and subsequent premiums on time to keep the policy active. For example, if you buy term insurance plan with a 25-year policy term and opt for annual premium payments, renewal refers to paying the premium for the second year and each following year to ensure continued life coverage. Each time you make a subsequent payment, you renew your term plan to maintain uninterrupted protection for your loved ones. Let's understand renewal in term insurance in detail:

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What is Renewable Term Insurance?

Renewable Term Insurance is a type of term insurance plan that allows policyholders to renew their policy at the end of its original tenure without undergoing fresh medical evaluations.

Benefits of Renewable Term Insurance

No New Medical Tests
You don't need to undergo new medical evaluations at the time of renewal, which is helpful if your health has declined over the years.
Flexible Financial Planning
Ideally if you're unsure about long-term coverage needs, with this term insurance, you can start with a shorter term and renew later based on your evolving responsibilities.
Affordable Premiums
The initial term insurance premiums are usually lower compared to long-term plans, making it affordable for individuals who don’t want to strain their budget.
Option to Upgrade Coverage at Renewal
Some insurers allow policyholders to increase their sum assured during renewal, giving them the flexibility to fit the plan per their changing needs.
Peace of Mind
Knowing that you can continue the term insurance policy without hassle offers financial security and peace of mind, especially in later years.

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⁺

What is Term Insurance Renewal After Policy Lapse?

If you forget to pay your term insurance premium within the due date and grace period (usually 15–30 days), your policy lapses. However, most insurers allow you to renew (revive) a lapsed term insurance policy within a specified revival period.

Revival Period:
- The term insurance renewal period or revival period typically ranges from 2 to 5 years from the date of the first unpaid premium.
Conditions for Revival:
- The insurer may request updated medical information depending on how long the policy has been inactive.
- Approval is subject to an underwriting assessment by the insurer.

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What is the Importance of Term Insurance Renewal?

Renewing your term insurance policy on time ensures continued financial protection for your loved ones. A renewal lapse can lead to unnecessary complications, higher future premiums, and even loss of coverage.

1. Uninterrupted Protection

Timely renewal ensures that your family remains financially protected in case of an unfortunate event. A lapsed policy can leave your dependents vulnerable with no financial support.

2. Avoid Higher Premiums Later

If your policy lapses and you choose to buy a new one later, your premiums may be significantly higher due to increased age or medical conditions developed in the interim.

3. No Need for Fresh Medicals

Renewing on time typically doesn't require a new medical examination. However, if the policy lapses and you reapply later, the insurer may insist on fresh underwriting and health checks.

4. Revival May Not Always Be Guaranteed

While most insurers allow policy revival within a specific period after lapse, it's not guaranteed. Revival may also involve penalties, interest on missed premiums, and stricter health scrutiny.

5. Tax Benefits Continue

Renewing your policy helps you continue claiming deductions under Section 80C and Section 10(10D) of the Income Tax Act, subject to applicable laws.

How to Renew a Lapsed Term Insurance Policy?

Here is how you can renew your lapsed term insurance via Policybazaar to ensure continued financial protection for your family in the event of your unfortunate demise.

Step 1: Visit the life insurance renewal page of Policybazaar

Step 2: Fill in the required details like mobile number and date of birth. Alternatively, you can also login via application number or policy number

Step 3: Enter the verification number and follow the instructions on the screen

Step 4: Assess the accuracy of the details provided and proceed to renew term insurance policy

What are the Benefits of Renewing Lapsed Term Insurance?

Benefits	Details
Restores Life Cover	Ensures your family is financially protected again.
Avoids Buying a New Plan	Saves you from going through a fresh application process at a higher age.
Maintains Existing Benefits	Riders and benefits from the original policy remain intact after revival.
No Loss of Continuity	Helps retain the long-term financial planning you initially intended.

What are Some Tips to Avoid Term Insurance Lapse?

Here is how you can avoid a term insurance policy lapse in India:

Enable Auto-Debit Facility
Link your policy with a bank account or card to ensure timely, hassle-free premium payments without missing due dates.
Keep Your Contact Details Updated
Ensure your mobile number and email ID are current so you don’t miss renewal alerts and payment reminders from the insurer.
Pay Premiums in Advance
Don't wait to make the premium payment till the last day, pay a few days early to avoid issues with delayed payments or technical glitches.
Opt for Annual Premium Mode
Choosing annual premium payments instead of monthly or quarterly reduces the frequency of due dates and helps prevent missed payments.
Track Policy Online
You can monitor your policy status online and receive alerts about upcoming due dates, helping you stay on top of renewals.

Wrapping it Up!

Whether considering a renewable term insurance policy or trying to revive a lapsed one, staying informed about renewal options helps protect your family's future. It ensures that you won't lose the coverage you planned for, even if your situation changes, financially or health-wise. If you're unsure about the revival process or want to explore renewable policy options, it’s always best to connect with your insurer or consult a trusted insurance advisor.

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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

+On the basis of your profile

+Rs. 410/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. 410/month (Rs.14/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 rounded off to nearest 10

+Rs. 245 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.

+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. 15/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. 504/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. 494/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. 636/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. 918/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. 1,286/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.

+Rs. 453/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.582/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. 786/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. 1,592/month 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.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/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.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, 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. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

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

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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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