Life insurance is an investment that keeps you secure in case of an unfortunate event. While buying a life insurance policy, the policyholder should keep in mind to pay premiums regularly. In case of failure of premium payment the life insurance policy will lapse. However, most life insurance policies provide an option for renewal. As buying a life insurance policy is important likewise renewal of life insurance policy is equally important.
Benefits of Life Insurance Policy Renewal Online
- Simple and Convenient: This is the simple way to get a life insurance policy at your fingertips; it's a hassle-free process. It requires only a few details to grab your policy online. You can also skip a specific insurance provider, if you are not satisfied with the quote and opt for another insurer. Interface and ease of information help you to choose the right policy online and makes the time-saving process.
- Economical: Renewing a life insurance policy online is cheaper than an offline policy, as the company operates online reduction in paperwork, low operational costs help to benefit the ultimate customer in terms of cheap life insurance quotes.
- Instant Process: Comparatively, the online renewal process helps you to provide instant policy by seeking all the required information online itself. A soft copy of the life insurance policy will be e-mailed to you instantly.
- Read Customer Reviews: You can take a wise decision on the specific policy by reading “customer review”, this way helps you to buy/renew the policy. Check the features and brand name of the insurance company to crack the right policy.
- Time-Saving: As there is no need to go insurance company which saves time and fuel cost, no waiting in long queues, and filling the registration form manually. The online life insurance policy helps you to save precious time.
- Renewal Reminders: At the time of renewal, no need to fill in your details once again. Database stores your information and PolicyBachat.com send you timely update for renewals. So that you can proceed on time. How to renew your life insurance online? Your life Insurance policy can be checked online by visiting the insurance company’s website and entering the card details or sending a mail to their customer care.
While choosing an online life insurance policy, there are several aspects you need to check. Don't just go for the company you got the first quote, get the different companies' quotes and check the level of the corner you require.
How to Renew Life Insurance Policy
Life insurance renewal has never been simple as it is now. With the advent of technology, the life insurance renewal process is simple. You can renew your life insurance policy online without worrying about the need to go to the insurance company to pay the premium. PolicyBachat is an online insurance web aggregator you can buy/renew the best life insurance policy from the best life insurance provider online easily in simple steps. To renew your life insurance policy online please contact our agent who can assist you in the renewal process. Insurance companies send a payment link to the customer to renew the life insurance policy; once the payment is made renewal intimation will be sent to the customer. Renew life insurance policy through multiple options using Net banking, Credit card, Debit card, UPI wallets, and bill pay online.
Things to Consider before Renew Life Insurance Policy
- The need for life insurance renewal: The main purpose of a life insurance policy is to provide financial security to you and your family. There are many life insurance policies available in the Indian market. Certain life insurance policies have a predetermined time period for which they are active. When it crosses that time it senses to renew your policy at the end of this period. If you do not apply for renewal, you remain uninsured for the rest of your life. In this increasingly digital world, it is important to keep up with the latest trends. This includes renewing your life insurance policy online.
- Medical report: When you revive your life insurance policy you will need a new medical test report for the revival of your life insurance depends upon the insurance company. With the passing of time and age, your medical conditions may also change. Your mortality risk increases. If there is an integral option for renewal with your life insurance policy, no need for a new medical test is required. If you are a non-smoker and do not have major health issues, you could get much lower premium rates of renewal premiums.
- Renewal vs new policy: At the time of renewal, you may be tempted to opt for a new policy. However, opting for a new policy comes with a lot of drawbacks. Some disadvantages of taking new policy at the time of renewal are
- Cost: The cost of a new policy could be more than the renewal of your existing policy. Cost is another major aspect of policy renewal. Although applying for the renewal of a terminated policy might mean a higher premium, it will save you the extra costs associated with a completely new policy.
- Simpler and Hassle-Free: The process of renewing an existing life insurance policy online is easy and hassle-free as compared to buying a new policy.
- Terms and Conditions for revival: Every insurance company has predetermined terms and conditions for the renewal of a life insurance policy. It is best to go through these while applying for the policy itself. It is the major factor to take into consideration while you renew your life insurance policy. You should check and read all the terms and conditions before renewing your life insurance policy. Some factors you should keep in mind are insurability, payment of overdue premiums, rate of new premium, date of revival, etc.
- Understand the claim settlement process: When have completed a term before renewal, it’s time to understand how the claim process works. For that, you can directly contact your insurance provider, who will guide you about the necessary list of documents if the need arises. It is also important to know the claim settlement ratio of the insurance provider
- Premium Payment Frequency: Different life insurance companies offer different types of premium payment options such as Monthly, quarterly, half-yearly, yearly. Try to make annual payments instead of monthly payments. This will not only give you peace of mind but can also offer renewal discounts.
Problems that are faced If Policyholder Fails to Renew Life Insurance Policy
- The main disadvantage of the life insurance policy renewal process is that the coverage of the policy will lapse. In case an unexpected event happens to the insured person, the nominee of the insured will not receive any lumpsum amount. To secure the financial future of your loved ones it is important to renew your life insurance policy and pay premiums from time to time.
- If your life insurance policy is terminated due to non-renewal of life insurance policy then the insured lose the premium benefits. If you renew your policy after the termination of policy you will need to pay interest and it will be more expensive.
- Life insurance is an investment and saving instrument to achieve your financial goals. You can get tax benefits as per the income tax act 1961. If you fail to renew your life insurance policy on time, the policy will lapse and there are no tax benefits will apply on your life insurance policy.
Conclusion:
Life insurance provides financial protection to you and your family in case of an unfortunate event. Make sure to pay your premiums on time, and even if you miss one, revive your policy to ensure you and your loved ones enjoy continued protection always.