Aditya Birla Term Insurance Grace Period

What is The Grace Period For Aditya Birla Term Insurance Plans?

Aditya Birla Sun Life Term Insurance Plan offers various comprehensive term insurance plans that provide financial protection to your nominees in exchange for the regular premiums paid. These premiums have to be paid before the due date, but insurance companies often provide a grace period for premium payments. This period begins after the end of the premium due date and allows you to pay your premiums without lapsing your term plan at no extra/penalty charges. Here is a list of different term insurance premium payment methods available for Aditya Birla.

Note: Now that you know that what is Grace Period For Aditya Birla Term Insurance Plans, you should also get to know about what is term insurance to buy a term plan for your loved ones.

• Single premium pay: One lump sum payment 

• Regular premium pay: Monthly, quarterly, yearly, or half-yearly installments as per the insurer.

Let us see the Aditya Birla term insurance grace period offered for different premium payment modes

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

How Does The Aditya Birla Term Insurance Grace Period Work?

Many customers find paying the premiums on the due date difficult as they might not have enough funds on the due date. Term insurance grace period works by providing the policyholders with an extended period after the end of the due date to pay their premiums. So if your premium due date is on the 7th of April, you will receive a grace period of 15 days, which means you can pay your premiums until the 21st of April without accidentally lapsing your policy. 

What Happens When The Aditya Birla Term Insurance Grace Period Is Over?

If you forget to pay your Aditya Birla term plan premiums even after the end of the grace period, your policy will lapse. It means that you will no longer be covered under the policy benefits and in case of your unfortunate death during the policy term, your family will not be eligible to register death claims.

Should I Buy a New Aditya Birla Term Insurance Or Revive The Old Policy?

Various term insurance companies offer a revival period of around 2 years during which you can revive your lapsed policy by paying the premiums remaining up until that point, paying the penalty and revival amount, and submitting a health certificate. This is because reviving the previous plan can be more cost-effective as the previous plan will be revived at a lower premium whereas if you purchase a new term plan, the premiums of the new plan will be higher as the premium rates increase with age. However, you should always compare the cost for both, reviving and purchasing a new plan before making the decision most suitable for you.

Documents Required to Revive A Lapsed Aditya Birla Term Plan

Here is a list of all the documents required to revive a lapsed Aditya Birla term insurance plan:

For a policy in lapse for less than 6 months

• Outstanding premiums

• Revival Charge

For a policy in lapse for more than 6 months

• Penalty amount

• Health certificate

• Outstanding premiums

• Revival charge

• Interest rates 

For a policy in lapse for more than a year

• Outstanding Premiums

• Health certificate

• Proof of Income

• Revival Charges 

• Interest rate charges

• Revival and quotes application

• Self-attested ID and Address proof

• Penalty amount

Final Thoughts

The Aditya Birla term insurance grace period offers policyholders the flexibility to pay their term plan premiums at their own pace. It allows them to keep their policy active even after the end of the due date and pay the premiums within 15-30 days after the last date of paying premiums. You can pay your premiums online or offline during this period.

Note: Check all the best term insurance plan in India.

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