SBI Term Insurance Grace Period

SBI grace period is the extra time given to policyholders to pay a missed premium without losing their term insurance coverage. This feature ensures that your protection continues even if you miss a premium payment on the due date. However, if the premium is not paid within this window, it may result in an SBI lapsed policy, which can stop your policy benefits. Understanding how the SBI grace period works helps you stay informed, avoid policy lapses, and ensure uninterrupted financial protection for your family.

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What Is Grace Period for SBI Term Insurance?

The SBI grace period is the maximum number of additional days provided by SBI Life Insurance Company to pay your term insurance plan renewal premium. Simply put, it refers to the time period that begins right after the due date of the premium payment. SBI term insurance plan provides an extended period after the due premium payment date, during which you can pay your premium, without worrying about losing policy benefits with an SBI lapsed policy. This grace period is different for all the various premium payment modes offered by the insurance company.

SBI Grace Period Details

Premium payment methods

There are 2 premium payment methods for term insurance plans:

Single premium: One-time lump sum payment
Regular premiums: Divided into monthly, quarterly, and half-annually installments according to the insurer.

Premium payment frequency

Let us take a look at the SBI grace periods for different term insurance premium modes.

Premium Payment Mode	Grace Period
Monthly	15 days
Quarterly	30 days
Bi-annually	30 days
Yearly	30 days

What is SBI Lapsed Policy?

If the premium is not paid within the grace period, the policy will lapse.

An SBI lapsed policy can be revived within a specified period (check your policy document for the exact revival period, which is typically 2 years for SBI).
Revival requires paying all pending premiums and other charges, and may also require submitting a personal health statement.

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How Does SBI Term Insurance Grace Period Work?

The term insurance grace period helps policyholders keep their plans active by providing them with an extended period after their due date to pay their premiums. So if suppose, you have purchased a term life insurance with a monthly premium payment mode and the due date for premium payment is 1st of every month, then you would get an SBI grace period of 15 days to pay your premiums. This means that you can pay your premiums anytime till the 15th day of the month, without losing the term insurance benefits.

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What Happens When The SBI Term Insurance Grace Period Is Over?

If the SBI grace period expires, and you still haven't paid the term insurance premium, then the policy is canceled. The SBI lapsed policy means you will no longer be covered against the risks, and you will lose all the premiums. You will also not be able to get any returns, in case you have purchased a term plan with the return of premiums option.

Should You Buy A New Term Plan or Revive The Lapsed Policy?

SBI life term insurance offers its customers the option to revive a lapsed policy within the first two years of policy lapse after the end of the SBI grace period. In case you wish to revive your term plan, you might have to go through medical examinations again, depending on the company’s policy guidelines. After the end of these two years, you may have no choice but to purchase a new term insurance plan.

However, if you are confused between reviving the old policy or buying a new term plan, you should compare the costs for both before making the decision. If the cost of reviving the old policy is much more than the cost of purchasing a new plan, then you should purchase a new term life insurance and make sure to pay the premiums on time to avoid any further policy lapses.

Note: Know what is term insurancefirst and then buy a term plan for your loved ones.

What are the Key Requirements To Revive SBI Term Insurance?

Here is a list of all the documents required to revive the old SBI Term life insurance.

For an SBI lapsed policy of less than 6 months

Outstanding Premiums
Revival Charges

For an SBI lapsed policy of more than 6 months

Outstanding Premiums
Revival and Interest rates charges
PHS (Personal Health Statement)
Revival and quotes application

For a plan in lapse for more than a year

Outstanding Premiums
Revival and Interest rates charges
Revival and quotes application
Self-attested ID and Address proof
PHS (Personal Health Statement)
Income Proof

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

Wrapping It Up!

The SBI grace period is an essential feature that allows customers to pay their premiums even after the end of their due date. SBI term insurance provides this facility at no extra cost, and you can pay your premiums easily without losing your term insurance coverage and benefits.

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

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

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What is Term Life Insurance

FAQs

How many days of grace are allowed for yearly premiums?

SBI term insurance offers a grace period of 30 days for their term plans with yearly premium payment modes.
Can I renew lapsed policy?

Yes, you can renew lapsed term plan as most insurers offer a period of 2 years after the end of the grace period to restart the policy and get life coverage.
Q.What is the grace period allowed for policy renewal?

SBI term life insurance allows you to revive your lapsed policy 2 years after the end of the grace period.
Why is grace period important?

Grace period is important as it offers flexibility in paying your premiums regularly. It allows you to pay your premiums even after the premium payment date has passed without having to suffer any additional costs.
Does a 10-day grace period include weekends?

Yes, the grace period often includes weekends and bank holidays.
What is the grace period for SBI insurance?

The SBI grace period for life and term insurance is usually 15 days for monthly premiums and 30 days for all the other premium payment modes.
What is the late fee for SBI?

SBI Life Insurance does not charge a late fee if you pay your premium within the grace period. If the policy lapses after the SBI grace period, reinstatement may involve extra charges or requirements.
What happens if I pay during the grace period?

If you pay your policy premium during the SBI grace period, the policy will continue providing cover as normal.
What happens if you miss your term life insurance payment?

If you miss a premium, your policy does not lapse immediately. It moves into a grace period, during which you can pay the overdue premium and keep the policy active without losing benefits. If the premium is not paid by the end of the SBI grace period, the policy will lapse and coverage will stop.
How long is the monthly grace period for a policy?

For monthly premium payment modes, the SBI grace period is typically 15 days. After this, the policy may lapse if the payment is still not made.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month 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 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/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 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/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 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/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 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 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

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Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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