​When you stop paying the premium amount of your term policy with-in due date, your term insurance policy lapses. Upon the lapse of the policy, benefits associated with it also become null and void. After the policy lapses, its benefits would not be provided to your dependents in case of premature death of the policyholder and leave your family in the whirl of financial troubles.

However, if you have a caring attitude towards your family, you will want to ensure their financial protection after your untimely demise and for this, you need to keep your term plan active by paying premiums regularly. The procedure for policy revival depends on the company and the policy that you choose. A lapsed insurance term policy is typically allowed within a specific time period and is subject to revival on the insurer’s decision.

Types of Policy Revival

Here are some basic types of revival for your term insurance plan.

Ordinary Revival

If the policy revival is effected within the six months from the date of first unpaid premium, no health check-up is asked by the term policy company and your term plan is revived just by paying the pending premium amount plus the interest.

Revival on non-medical basis

In order to avail revival of your term policy on non-medical basis, the sum assured should not surpass the specific limit for non-medical assurance by your insurer. There is a sum assured band where low sum assured range term plans revival will be on the non medical basis.

Revival on medical basis

High value sum assured term plans will be revived by undergoing medical check ups again. In such cases, your term policy can be revived after medical checkups, if it can’t be revived under ordinary revival or non medical basis. The medical requirements asked by your insurance company will depend upon the sum assured you want to revive.

How can you revive a lapsed term insurance?

The sole purpose of buying one of the best Term insurance plans in India is to provide financial protection for the family when you are not there to support them. Your paid premiums in term plan insurance go in vain when it lapses due to non-payment of premiums in stipulated time period. When you choose for policy revival, it’s a fresh contract between you and your insurer. The insurance company may impose new terms and conditions during the revival.

Listed below are the phases which are vital to help you revive your policy.

Grace Period

The grace period is a period of time after the premium due date during which a policyholder can pay the premiums and this period does not carry the risk of losing coverage. Usually, 15 days grace period for monthly premium payment mode and 30 days grace period for quarterly, half-yearly, and annually premium payment mode is provided to pay the pending premium amount.

This grace period provides you the option to pay your term policy premium. During this period, all the policy benefits including riders taken remain valid and applicable.

Reinstatement Period

If you have missed the premium payment, even during the grace period, the policy will lapse. After the lapse of the policy, an insurer is not liable to pay the death claim in case the policyholder dies during that period.

After policy lapse, you have the option to revive your policy.

The reinstatement period comes after the grace period. The benefits mentioned under the policy, however, don’t remain valid during this period, but insurers provide an opportunity to revive your policy during reinstatement period. The option to reinstate a term policy is not guaranteed under law, so this feature may vary from one insurance company to another. The entire process and documentation procedure for policy revival vary from one insurer to another.

How to Reinstate a Policy Reinstate a Policy

Contact your insurer and ask about the payment due for reinstating the policy. Inquire them the process to reinstate.

Complete all the paperwork honestly, and make the premium payment to your insurance company.

After reinstating the policy, makes sure all the premium amount are paid with-in a stipulated time to avert the policy from lapsing.

Note:The premium rate while reinstating your policy may differ from the one that was earlier defined to you during the purchase of the policy.

Source: http://www.suggestinsurance.com/blogs/reviving-a-lapsed-term-insurance-policy/

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The decision to buy term plans is one of the smartest ones you can ever take. But how do we go about it? Where to buy it from and what kind of a process is to be followed? suggests that the best way is to choose right online term insurance policy in India because they offer lower possible premiums without compromising on the value of sum assured or other services associated with an insurance product.

To help you buy the term insurance policy, is an ideal website that will not only guide you when you are seeking information, but also help you to make a purchase which is well informed and not biased. Follow these tips to make a wise investment:

1) Different Products

The website offers you a plethora of Term products from the leading insurance company’s. Find out detailed information about each and every term policy before you buy the best term life insurance plan for you and your family.

2) Calculate Premium

Offers a premium calculator that would need your basic information like age, gender, smoking habits, etc. Once you enter the details, it will calculate the premium and different plans that offer such a premium based on which you can take a decision about which policy to buy. Term insurance plans in India can majorly be differentiated on the basis of premiums and this calculator can help with this most important aspect.

3) Compare Term Insurance Plan

It is important to compare each and every term plan based on their features, benefits,premium amount, terms and conditions. Only once you are satisfied about a particular plan on all the benchmarks, you may proceed without any apprehensions. There are lots of legal or insurance terminologies when it comes to insurance products and the website has made an effort to provide you information in as simple a language as possible.

4) Take Expert Opinion

If you still have some queries or confusions regarding any particular plan, you can always get in touch with the expert panel on that would be glad to assist you in every possible manner at your convenience. Our experts can help you in solving your queries, updating you with more information and even suggesting you better options as per your needs. We strive to help you buy the best term life insurance plan.

5) Documents

Once you make up your mind about buying a particular plan, team will furnish details about some of the basic documents of the insured, that are required to make the purchase. The list of such documents is as follows:

  • Date of Birth Proof
  • Address Proof
  • ID Proof
  • Bank Statement of at least last 6 months

Any other documents would depend on individual insurance companies’ requirements and they can ask you for the same in the subsequent correspondence. Having these documents handy and scanned on your system can make the buying process faster and smoother. Also, be ready with your banking details or credit card/debit card for buying term plans.

Hope these tips will come handy and help you in making the best decisions for you and your family. The most important thing to do is to compare term insurance policy plan and only then make your decision. assist you from the beginning till the end and makes your online insurance buying experience hassle free and smooth.Try it now!

Source: http://www.suggestinsurance.com/blogs/tips-to-buying-term-insurance-policy-with-suggestinsurance/