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SBI Term Insurance Grace Period

The grace period for term insurance premium payments is important because an individual may not always be in a condition to make payments on the due date. SBI Life Insurance, one of the leading insurers offers a grace period during which you can pay for your premiums in case you forget to on the due date. If there were no grace period for term insurance, a single delay in paying premiums could lead to a policy lapse.

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What Is Grace Period for SBI Term Insurance?

The grace period is the maximum number of additional days provided by the insurer to pay your term insurance 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 on policy benefits. This grace period is different for all the various premium payment modes offered by the insurance company. 

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.

Let us take a look at the SBI life insurance company’s 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

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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 a 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.

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

If the grace period expires and you still haven't paid the term insurance premium then the policy is canceled. The lapse of 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 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.

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 a policy in lapse for less than 6 months

  • Outstanding Premiums

  • Revival Charges

For a plan in lapse for 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 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.

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.
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