Prices Increasing soon Prices Increasing Soon

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.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

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

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.

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

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.

FAQ's

  • 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.
Premium By Age



Term insurance articles

  • Recent Article
  • Popular Articles
01 Mar 2024

PNB 2 Crore Term Insurance

Securing your family's financial future involves detailed

Read more
27 Feb 2024

SBI Life 5 Crore Term Insurance

SBI life insurance offers a variety of plans with different life

Read more
27 Feb 2024

Bajaj Allianz Life Insurance Customer Care

Bajaj Allianz Life Insurance is one of India’s leading life

Read more
26 Feb 2024

Kotak 2 Crore Term Insurance

Securing your family's financial future involves detailed

Read more
26 Feb 2024

Tata AIA 2 Crore Term Insurance

Protecting your family's financial future requires careful

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
12 Jun 2018

Claim Settlement Ratio of Term Insurance Plan Providers

Claim Settlement Ratio (CSR) is an important parameter in the selection of an insurance policy. If you are going

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL