HDFC Life Term Insurance Grace Period

Providing a grace period for HDFC Life Term Insurance premium payments is important because an individual may not always be in a condition to make payments on time. Non-payment of premiums within the grace period could lead to a policy lapse. Such a condition could be damaging for the life assured and the company. As per IRDAI, an additional grace period of 30 days is provided for paying the HDFC Life Term Insurance renewal premium.

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Read on to know more about the HDFC Life Term Insurance Grace period in detail: 

What is HDFC Life Term Insurance Grace Period? 

HDFC Life Term Insurance Grace period is defined as the time period after the due date of premium, during which the life assured can make the payment of term insurance premiums, while still availing of all the life insurance coverage benefits. The tenure of the grace period depends on the premium payment frequency such as annual, half-yearly, monthly, and the type of term insurance plan. 

Most insurers have 2 ways to pay term insurance premium amount: Single premium, where 1-time premium payment is done in a lump sum while purchasing the policy. And the Regular premium pay, where you can pay the term premium amount annually, half-yearly, quarterly, and monthly as per your requirement.

The following table will provide information about the HDFC Life Term Insurance grace period as per the frequency of premium payment you select. 

Mode of Paying Premiums Grace Period 
Annually 30 days 
Half-yearly 30 days 
Quarterly 30 days 
Monthly 15 days 

How does HDFC Life Term Insurance Grace Period work? 

The grace time is generally 15 days for monthly term premium payment. i.e., regular pay but increases to 30 days for longer options of payment like half-yearly and yearly. Most insurance companies send you a reminder mail or message for paying premiums before the due date and consequently inform you if the plan has allowed for a grace period. 

Let’s understand this with the help of an example: 

Mr. Arora purchased a term insurance plan that expired on 01 Oct 2020, as he missed paying the amount of premium by the due date. It has happened because he lost his job so he could not be able to pay the premium as ever before. So, keeping the thing in mind, the chosen insurance company gave him a term insurance grace time of 15 days to make the relevant premium payment. He availed of all the features associated with the policy and paid the premium amount in the allowed grace period to continue enjoying the life cover. 

What are the Rights and Duties of Policyholders during the Grace Period? 

Life cover continues even when the plan enters the grace period. The scope of coverage, sum assured and all other plan benefits stay unaffected. The premium rates remain constant and no other penalty is charged. The policyholder should pay the premium amount within the HDFC Life Term Insurance Grace period, else the plan will lapse and all the benefits and features will cease.

What Will Happen When the HDFC Life Term Insurance Grace Period Ends? 

If you fail or misses to pay the premium amount and renew your term life insurance within the grace time, the insurer will cancel the policy. With this, you and your loved ones will have no financial stability and protection. A lapsed plan is a major loss for you as you lose the premium amount that you have paid earlier and lose the life insurance security. 

However, in case of an unforeseen death when you are in between the grace time, your loved ones are eligible to get the death payout as per the policy’s T&Cs. Remember while paying the death payout, the insurer will cut the premium that is not paid. 

What You Should Do: Revive a Policy or Buy a New One? 

Almost all the Indian Insurers allow the life assured to revive their lapsed plan within 2 years after the HDFC Life term insurance grace period is completed. The revival condition may differ from company to company. You should pay extra money as a penalty, interest charges, revival fees, etc. to revive the plan. Some companies may also require a medical examination and you should bear the prices out of your pocket. 

So, if one is not sure whether to revive the old plan or invest in a new plan, it is always advisable to compare the prices and then make an informed decision accordingly. 

Documents Required for Processing HDFC Term Insurance Revival 

If a plan is in the lapsed state for less than 6 months 

  • Outstanding premium 

  • Charges of Revival

If the plan is in lapsed form for more than 6 months 

  • Outstanding Premium 

  • Charges of Revival and interest rates 

  • PHS i.e., Personal Statement of Health 

  • Application of Revival and quotes 

If the plan is in lapsed status for more than 1 year

  • Outstanding term premium 

  • Charges of Revival and interest rates 

  • Application of Revival and quotes

  • Self-attested ID Proof 

  • Self-attested Address proof 

  • Proof of income 

  • PHS i.e., Personal Statement of Health

FAQ's

  • When does the HDFC Policy lapse or becomes paid up?

    If the life assured fails to pay the premium amount even after the expiration of the grace period, the status of the policy will be changed to paid-up or lapse based on the year in which the life assured fails to pay the term premium.
  • How can a paid-up or lapsed or discontinued plan be reinstated or revived?

    The discontinued plan can be revived according to the conditions that govern the insurance product. The policyholder is required to provide the company with insurability or evidence and then pay all the unsettled premium amounts and related prices if any.
  • What are the Term insurance premium payment options offered by HDFC Life? 

    • Bill pay 
    • Credit card auto-debit 
    • Standing instructions
    • Direct debit facility 
    • Eay bill 
    • Drop boxes 
    • E-collect 
    • Yes Bank Branch 
    • Axis Bank branch 
    • Courier or post 
    • Electronic clearing service
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HDFC Life Term Insurance Grace Period Reviews & Ratings

4.4 / 5 (Based on 36 Reviews)
(Showing Newest 10 reviews)
Om
, September 02, 2021
Remarkable educative experience
It was my first time buying a term insurance plan. Policy bazaar provided me with a remarkable educational experience as I learned about the quotes generating factors, type of claims, rider facilities and so on. Ultimately I purchased HDFC Life Saral Jeevan Bima for my family.
Arun
Atarsumba, February 16, 2021
Quick and subtle
My life has become hassle free when I bought the term insurance plan from the policybazaar. The customer care team of policybazaar is really good. Thank you so much team.
Amrish
Aul, February 16, 2021
Rider benefits
I availed the rider benefits when I bought the HDFC life term insurance plans. I got it very easily and it has enhanced my term insurance plan. I am happy.
Lekhak
Auraiya, February 16, 2021
Safety shield
My term insurance plan is like a safety shield for me and my family. I bought the hdfc life insurance plan from policybazaar. It has more advantages and my life has become so settle and best. Thanks.
Prabhjot
Anjar, September 06, 2016
Worthy Insurance
My friend suggested me a insurance policy which is very nice and has some new features. I buy hdfc term insurance policy in very convenient price. The terms and conditions of the policy is nice and flexible. Policy coverage is high and claims are simple to sanctioned. Service is fantastic with good behaviour.
Bhupesh
Haridwar, July 20, 2016
Quality Investment Plan
HDFC standard life insurance is the insurer provides me the term insurance plan in very low investments. Policy cover maximum expenditure and the claims are high which can be sanctioned easily. Updates regarding policy is mailed to me regularly.
Gaurav
Fatehgarh, July 20, 2016
HDFC Term Policy
The hdfc life insurance is one of the best insurance plan, it has maximum coverage and it facilitate the service which is on time. Claiming procedure is very easy due to fast service facilitate by the executives and staff of the company.
Hitesh
Kiratpur, July 20, 2016
Best Term Policy
HDFC term plan is the best insurance policy among all other because it provides much more benefits in low premiums. The online service is very nice and online renewals and updates are easily visit. The executives respond very well and claiming is so simple because of this.
Abhishek
Latur, July 20, 2016
Good Policy Coverage
The insurance i have is hdfc term insurance, it have high policy coverage ~89% and the claims are even better. Service facilitate is awesome and the renewals can be done by online portal service which is very simple to use and anybody can access it.
Sandeep
Dava, July 20, 2016
Term plan
My hdfc life term plan is fantastic with some good benefits like low premiums and high coverage. The service facilitate by the staff members of the company is fast and on time. Claiming get easy due to fast service.
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