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3 Options When Your Term Policy is Getting Ready To Expire

Term insurance expired - Things to do when your Term policy is ready to expire. If you bought a term insurance plan a decade or more back and it’s about to expire- you might have a lot of questions about how to proceed. After all, everyone’s life has changed a little bit in the last 20 or 30 years. What type of protection your family needs at that time? Can you extend your existing policy?

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Let’s discuss the 3 options to consider when your term policy is ready to expire: 

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What is Term Insurance? 

Term Life Plan provides coverage for a particular tenure. In case of an unforeseen event at the time of policy tenure, the nominee/beneficiary is provided with the SA (sum assured). This plan is purchased by paying a fixed amount of money at pre-specified intervals i.e., called premiums. Premium amounts are required to be paid on time to avail of all the term insurance benefits

Usually, the right time to purchase a term insurance policy is around your 20s, when the number of dependants and the liabilities on you are increasing. In such a situation, your term plan ensures your family members are financially protected in case of your absence. 

To avail of most benefits of the term plan, it is very important to keep in mind certain things such as the expiry date of your plan. Once your plan has expired, you stop getting life cover from it. Also, in case of an unforeseen event in such situations, your dear ones will not be able to receive the financial security they would have if your term plan was active. In order to avoid such cases, various options are available that you can opt for when your term plan reaches the end of its term. 

Note: Now that you know that what is term insurance plan you can easily buy a term plan for your loved ones.

What Happens When your Term Policy Expires? 

Based on the kind of term coverage you had, it’s obvious that you might face any of the following conditions: 

  • The term plan expires without a value of maturity, the life coverage benefits end. 

  • You might receive a sum/ amount equivalent to the full premium paid for the term plan cover 

The 2nd option you can opt for is if you purchase a term insurance policy with a return of premium (RoP) option. For Instance, if you purchase a term cover for 20 years of 1 Crore having an RoP option and the premium amount is Rs. 20,000 per year, then you will get Rs. 4 lacs at the expiration of the policy. 

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

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Term Insurance Expired - Things to do 

Unlike permanent life insurance plans, term life insurance is considered temporary coverage. Also, depending on the length of the term plan you bought, your coverage term could be from 10 to 30 years. But what happens in case if your term insurance plan is coming close to the last year and you still want the coverage in force or active, there are a few options that might be available for you. 

3 Options When Your Term Policy is Getting Ready to Expire

  1. Convert your term plan to a permanent plan 

    If you have a poor health condition, you are getting older, and do not want to undergo any type of medical tests or examination, you have the option to convert your existing term insurance policy to permanent insurance. 

    Your insurer will offer you various conversion policies to select from. Converting to a Permanent insurance plan simply means that you are required to pay much more than what you were paying for term life insurance. It depends on your insurance company; it is generally about 2 to 3 times the price of your current premium amount. 

    One of the major benefits of this conversion is that you can control the price by buying a smaller plan. This is a better fit since you are older and do not need as many years of coverage as you wanted earlier. Time is very important in such cases. You should convert within the tenure the term plan allows you to. Some insurers keep the option of conversion open for only 10 years if you had bought a 20-year plan. It is also very important to understand to not convert policies too early. Stay updated always about the details of the policy. 

  2. Renew or extend your expired term life Insurance plan 

    1. Extend your insurance 

      Most of the term plans have a long term which means that you can keep your plan active by continuing the premium payments. This is a smart option if you want to keep your policy active for a short tenure of 2 to 3 years. However, with age, the prices of your plan premium will also increase, if you extend the duration of the plan.

    2. Insurance Renewal 

      This is one of the feasible options as you can renew insurance online in a hassle-free and quick way possible. You can also choose to renew your term plan offline, here are some of the benefits of renewing plan online: 

      Convenience 

      While renewing an insurance plan online. You have the suitability to do it at your own pace and time. No agents are involved here which means you save a lot of time. Additionally, you have the flexibility to make renewal payments through: 

      • Debit cards 

      • Internet banking 

      • Credit card 

      • Cheques 

      • Electronic Clearing Services (ECS)

      • National Electronic Fund Transfer (NEFT)

      • Chances of fraud are less 

      Generally, the insurance is renewed online through the insurer’s website. This simply means that you have all the access to the right information which ensures minimal chances of fraud. 

      Pocket-friendly 

      Renewing your insurance online helps you save a lot of money because online plans are less expensive and you are not required to pay for an agent’s services. 

  3. Buy a New Term Life Insurance Plan 

    If you are still in a good health, buying a new term insurance plan could be more cost-effective than a term conversion. Initiate the application process for a new term plan as soon as possible to avoid the coverage gap. Even though if you have purchased life insurance coverage earlier, changes in your health records could mean that you are not eligible to purchase a new policy. The early you begin, the more prepared you will be to face difficulties in the application process. While buying a new term plan, look out for a smaller death benefit with a shorter tenure and then compare premium rates to find the right premium for your requirements. 

On a Final Note!

It is important to keep a check on the maturity of your term insurance policy so that you are well-prepared in advance to either convert, renew or extend your policy on time, depending on what you are looking for.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.


Premium By Age

˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com  in the first 6 months of FY 24-25.

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

+Rs. 487/month (Rs.16/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 38 years of age.

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

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

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+Rs. 820/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 38 years of age.

+Rs. 1,443/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 38 years of age.

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