The Axis Max Life Term Insurance grace period is generally 15 days for monthly premium payments and 30 days for other premium payment modes (annual, half-yearly, and quarterly). This period allows policyholders to pay missed premiums without any late fee or penalty. During the grace period, insurance coverage remains active. If the insured person passes away within this time, the unpaid premium is deducted from the death benefit before payout. If the premium is not cleared by the end of the grace period, the policy lapses. However, a lapsed policy can be revived within five years by fulfilling Axis Max Life's revival conditions.
A grace period is the additional days the insurer allows to pay the Axis Max Life Term insurance premium rates and renew the term policy. The grace time varies depending on the premium payment method you select. Most insurance providers in India allow two ways of paying a premium:
Note: Now that you know that what is Axis Max Life Term Insurance Grace Period, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Single-Premium: In this option, you pay a one-time premium in a lump sum when you purchase the plan.
Regular Premium: In this, you can pay the premium amounts on annually, bi-yearly, quarterly, and monthly basis as per your requirement.
This flexibility ensures you never miss a Max Term Insurance Premium Payment, keeping your policy active without interruptions.
The below table will help you get a clear picture of the Axis Max Life Term Insurance Grace Period as per the premium payment frequency you select.
Mode of Premium Payment | Grace Period |
Annually | 30 days |
Bi-yearly | 30 days |
Quarterly | 30 days |
Monthly | 15 days |
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
Term Plans
The grace period is generally 15 days for monthly premium payments i.e., called regular payments, and 30 days for longer premium payment options such as half-yearly and yearly. Most insurance companies send reminder messages for the payments of premiums before the due date and then inform the policyholder if the plan has entered into the grace time period.
If the grace period has passed, it may impact you adversely. If you exceed the grace time, the Axis Max life term insurance will be cancelled, and the whole insurance application procedure will start from the beginning. So, it is recommended that you make your term insurance payments on time.
In case of not renewing the Max life term insurance plan during the grace time, the plan lapses, and your family members are left without financial protection in case of the policyholder’s demise. A lapsed term plan is a big loss for the policyholder because he/she loses all the premium that is paid and also the insurance coverage.
However, if the life assured dies during the grace time, their family is entitled to receive a death payout after the deduction of the unpaid Axis Max Term insurance premium payment.
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Most insurers give policy buyers the option to revive their term plan. The T&Cs vary according to the company's policy guidelines. You may also be required to undergo a medical examination to revive the plan. Typically, 2 years is required to revive the term plan, but the extra money is to be paid in the form of revival fees, medical examination costs, and penalty and interest charges.
The policyholder should compare the rates of opting for either 2 steps: purchasing a new term insurance plan or policy revival. If you bought the lapsed term plan at 35 and want to purchase a new plan at 45, it may cost you extra. If you are within the permissible 2-year time, revival costs will be added, involving 2-year premiums, interest, medical tests, and revival fees.
If you are unsure whether to revive the old plan or invest in a new term insurance plan, it is recommended that you compare the premium rates and decide accordingly.
In case of the unforeseen death of the life assured during the grace period, the insurer will provide the insurance claim registered by the nominee.
Let’s understand this with the help of an example:
A policyholder whose insurance premium due date is on 9th September each year. He forgets or misses to make the premium payment on Sep. 9th in the 5th year of the policy. And, from the very next day, the plan enters the grace period. Then, after 4 days i.e., on 13th Sep. the policyholder suffers a heart attack. The nominee appointed by the policyholder files a claim on Sep 18th. Since the plan is still in the 30 days of grace time and the claim has been made within that time, the insurance company will settle the claim for SA as it would have been in an active plan. The claim settlement will take place as per the policy’s T&Cs.
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.
The grace period in life insurance is a short extension of time after your premium due date, usually 15 days for monthly payments and 30 days for quarterly, half-yearly, or yearly fees. This period is designed so your coverage doesn’t immediately stop if you miss a payment.
If the policyholder passes away during the grace period, the good news is that the life cover usually remains active. The insurer will still pay the nominee the death benefit (the sum assured). However, they will deduct the unpaid premium from the payout before handing the remaining amount to the family.
Here’s what happens step by step:
Claim is still payable:
The policy is treated as active until the grace period ends. Your family won’t lose the cover if something unfortunate happens within that window.
Premium is deducted:
The insurer subtracts the premium from the claim amount since the premium wasn’t paid. For example, if your death benefit is ₹50 lakh and the due premium was ₹20,000, your family would receive ₹49.8 lakh.
No protection after expiry:
The policy lapses if the grace period ends and the premium is still not paid. In that case, if the policyholder dies, the family won’t receive any payout.
˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 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.
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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
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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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