Insurance policy has 15-30 days grace period for paying premium

If I have a complaint against the agent can I lodge a complaint with the company? My insurance agent did not remind me about my premium and I missed the last date. Will I have to pay penalty now? – Kundan Makhija

In order to ensure policy benefits are continued, the insurance company sends intimation and reminders through SMS/Email/Letters so that the customer makes a timely payment. In case of any grievance pertaining to your policy, you can write to your insurance company. They will review your complaint and provide an appropriate resolution. Every life insurance policy comes with a grace period, typically 15 days for a monthly premium payment mode and 30 days for annual. During this grace period, all the benefits are active. If the premiums are still unpaid after the expiry of grace period, there is a two year revival period available to revive the benefits under this policy. During this period, an interest may be charged along with proof of continued insurability for the insurer to revive the benefits under the policy.

I will be retiring in two years. I will get pension and I will also get interest income from bank deposits. Can I buy life insurance to save tax? For how many years can I buy the insurance? – Ashok Datta

There are multiple insurance plans available for higher age group customers. Each insurance plan mentions the minimum & maximum entry age, policy term and maturity age. You will have to look for the same in the product you are considering.

The writer is MD & CEO, Edelweiss Tokio Life Insurance

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