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Canara HSBC life insurance company offers various term insurance products that are designed to protect the future of your loved ones in your absence. In case you are unable to pay your premiums on the due date itself, the company offers its customers an extra period after the premium due date to pay the premiums without any penalty. Let us see what the grace period is and what you should do in case of a lapsed policy.
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Note: Know more about what is term insurance first before reading this article.
Term Plans
Canara HSBC Term Insurance offers a grace period of 15 - 30 days depending on the premium payment mode selected by you at the time of policy purchase. This period begins after the end of the premium due date, and during this period you can pay your premium without worrying about penalty charges or losing policy benefits. Let us take a look at the different premium payment methods and payment modes offered by Canara HSBC Life Insurance company.
The two premium payment methods available for term insurance plans are as follows:
Single premium: Single lump sum payment
Regular premiums: Monthly, quarterly, or half-annually installments according to the insurer.
Here is the Canara HSBC grace period offered for different premium payment modes
| Premium Payment Mode | Grace Period |
| Monthly | 15 days |
| Quarterly | 30 days |
| Bi-annually | 30 days |
| Yearly | 30 days |
Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.
The term insurance grace period is essentially the extended period provided by insurers for policyholders to pay their premiums even after the end of the due date for premium payment. If for example, you didn't have enough money to pay your premiums on the due date, you can still pay your premiums during the grace period provided as per your selected premium mode, without any extra charges. During this grace period, your policy will remain active in case something were to happen to you during this period, your family can still avail of claim term insurance benefits.
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After the end of the grace period, in case you still haven't paid your outstanding premiums, your policy will lapse. It means that the insurer will cancel the policy and you will no longer be covered under the policy benefits. If an unfortunate event occurs during this period, your family will receive no death benefit nor will you receive the paid premiums on outliving the policy term, in case of a term plan with return of premium option.
Canara HSBC offers its customers a period of 2 years for term insurance, during which you can revive your lapsed term insurance if your policy has been active for more than 3 years. You should decide on reviving the previous plan or purchasing a new term plan by comparing the costs of both plans. If the price of reviving the previous plan is greater than buying a new plan then you should purchase the new plan.
However, it is less likely that you will find a new term plan at a lower cost than the previous plan, as the premium rates increase with age. Your previous plan might have a lower premium than the new plan, as your age at the time of the old policy purchase must have been lower than now. Whatever you choose, you need to make sure to avoid any further policy lapses by paying premiums timely, before the grace period expires.
Here is a list of all the documents required to revive a lapsed Canara HSBC term insurance plan:
For a policy lapse of less than 6 months
Outstanding premiums
Revival Charge
For a policy lapse of more than 6 months
Outstanding premiums
Revival charge
Interest rates
Penalty amounts ranging 12-18% of the total premium paid
Health certificate
For a policy lapse of more than a year
Outstanding Premiums
Revival Charges
Interest rate charges
Revival and quotes application
Self-attested ID and Address proof
Penalty amounts ranging 12-18% of the total premium paid
Health certificate
Proof of Income
The grace period offered by Canara HSBC is the extended period during which you can easily pay your premiums as per usual. You can get a grace period of 15 days for monthly premiums and 30 days for quarterly, yearly, or half-yearly premiums.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Yes, term insurance is covered under 80C. Term insurance not
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