The Long Read

Everything you *need to know* is right above this. Scroll down, only if you'd still like to read more (honestly, why?)

When you buy a term insurance policy, you have to pay your insurance premiums regularly. When you buy a term plan, the premium payment frequency and premium payment terms are agreed upon between you and your insurer. 

You need to pay your premiums on time to continue enjoying the policy cover. However, in case you miss paying it on time, you can take advantage of the grace period offered by insurers from the premium due date during which the policy remains active. (Don’t make a habit of this though!)

But if you fail to pay your premiums on time, even during the grace period, your policy lapses and becomes inactive and you lose all policy benefits and premiums paid so far. 

Find out more about how your term policy can lapse.


First things first, know that you can revive your inactive term insurance policy if you want to. Here’s how to go about it:

  • Check the revival period with your insurer. Most insurers offer 2-3 years after the lapse

  • Submit a revival application form to the insurer

  • Undergo additional medical tests, if the insurer so requires

  • Clear the premium dues, along with revival fees and penalty, if charged by the insurer

  • Read the terms and conditions of the revived policy carefully and follow them to the T

  • Remember, you may now have to pay higher premiums going forward

    Pro tip - Check for special spot revival schemes that offer a discount on penalty charges and revival fees

  • Last but not least, once your term policy is revived, do not fail to pay your premiums on time. Activate autopay with your bank/credit card so that you don’t miss out on paying premiums on time

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