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Term Insurance News Update Should You Revive Your Old Term Insurance Policy Or Buy A New One – Newshubweek

Term Insurance News Update Should You Revive Your Old Term Insurance Policy Or Buy A New One
– Newshubweek
Written by Arindam

Term Insurance News Update: After Corona in 2020, the whole world has changed. This epidemic told how uncertain life is and therefore one should always make arrangements for the financial security of his family members while living. The lack of the head of the family can never be fulfilled, but if the financial condition of the family remains normal after his departure, then nothing can be better than this. This is the reason why term insurance plan is very much discussed after 2020.

We specially tried to know from all the experts of the country for you that if the policy lapses, then it would be beneficial to revive it or it would be better to buy a new policy. He said that both depend on different circumstances.

what is policy lapse

If for any reason you are not able to pay the premium of your term life insurance on time, then the policy lapses. But there are some conditions for this, which are important to understand. If you do not pay the premium before the due date, then the company gets a grace period of 15-30 days. If the premium is not paid even within that grace period, the policy lapses.

Revive the policy like this

If the term life insurance policy lapses, you can get it revived within 5 years (starting with unpaid premium). To revive this lapsed policy, you will have to pay the full premium not yet paid and also the interest and tax applicable thereon. You will also have to pay penalty and revival charges if the policy is in terms and conditions.

Also, if it has been more than 6 months since your policy lapsed, then you will have to get all the medical tests done again, which were done at the time of taking the policy. However, in some schemes, you also get some discount on these charges.

At the same time in the market, you can also see all the new policy plans, if you are liking a plan of another company and after comparing you are getting it at a good deal with your existing company’s policy, then whether it is not the same. To be seen In such a situation, it would be wise to take whatever is costing you cheaper than both. These were the solution options of the experts. Out of these options, which will be beneficial for you, you will have to choose for yourself.

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Arindam

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