How To Revive Lapsed SBI Term Insurance?
Published On Feb 17, 2023 10:30 AM By InsuranceDekho
Table of Contents
SBI Term Insurance is one of the leading providers of term insurance plans. Offering a number of term plans at affordable rates, SBI Term Insurance plans are often the preferred choice of many customers. Some of the top term insurance plans offered by SBI Term are SBI Life eShield, SBI Life Smart Shield, SBI Life Grameen Bima, and many more. The term insurance plans offered by SBI are designed to cater to the term insurance needs of its customers. However, sometimes, it so happens that the SBI Term Insurance policy might get lapsed. So, let us walk you through the steps to revise a lapsed SBI Term Insurance policy.
Why Does SBI Term Insurance Plan Get Lapsed?
In order to keep your SBI Term Insurance plan, it is very important that you pay the term insurance premiums on time. If as a policyholder, you fail to do so, then your SBI Term policy is most likely to get lapsed. However, a grace period is generally given to the policyholder during which they can get their premium paid. If the policyholder fails to pay the SBI Term Insurance premium even during the grace period, then the policy will be lapsed and the policyholder may want to get it revived. The policy benefits cease to be applicable to the policyholder, in case the policy lapses, so it is very important to revive the plan within a specified period of time.
Steps to Revive A Lapsed SBI Term Insurance Plan
Listed below are the steps in which you can revive your lapsed SBI Term Insurance plan:
- First, the policyholder needs to speak to SBI Term about the revival process. You can also visit the nearest branch of SBI Term and understand the revival process.
- The insurer will then provide the policyholder with a policy revival form.
- You might have to submit a few documents that validate your SBI Term Insurance Plan.
- Once everything is verified, you will have to pay the revival fee which depends on your insurer. Sometimes, the insurer also launches schemes during which concession is provided on the revival fee. You can pay for the premium through net banking, credit card, debit card, or other payment modes.
You also need to be aware that the fees for getting your lapsed policy active depend largely on the time period till which the policy was inactive. The process of getting your relapsed policy active is called ‘Reinstatement’. Typically, any term insurance policy once lapsed can be revived within 5 years of the lapse.
Thus, in order to get your SBI Term insurance policy renewed, you must first speak to your insurer who will help you with the revival process. Followed by this, pay the revival fees and get your SBI Term plan active.
Also Read: Common Questions Regarding ULIP Plans