As life is full of uncertainties it is very important to protect the future of the family financially. As having a term insurance policy is a must for every individual, it is equally important to pay the premium of the policy regularly in order to avail of the benefits of the policy.
The renewal of the term insurance policy helps the policyholder to continue with the benefits of the policy, as the insurance provider cannot refuse to renew the plan if the renewal option was offered in the original policy.
If the insurance holder has chosen the option of policy renewal then they are not required to provide any medical test or any type of extra information. Irrespective of whether the insured has a good health history or bad, he/she can renew the policy. The only criteria that are required to renew the policy are that the policyholder should fall within the permissible age bracket.
In case the policyholder fails to pay the premium of the policy within the premium payment date of the policy, then a 30 days grace period is offered by the insurance company during which the policyholder can clear all the due premium.
If the term insurance plan has the option of renewal, then it is very important to do so before the expiry of the permitted time period. Nowadays, with the online process of policy renewal, one can easily renewal the policy online in a simple and hassle-free way and continue to avail of the benefits of the policy.