Life insurance plans are of various types and the duration of their coverage depends on the type of plan and the customisation opted for by the policyholder. So, if the policyholder has chosen a coverage for a limited duration, such as 10 years, the life assured will be left without coverage once this period is over. Moreover, the dependents will be left without financial support if they were to face some dire circumstance.
Thus, knowing your policy details and getting a fresh policy on time becomes important. Getting a renewal on your life insurance policy is a critical aspect of maintaining financial security and ensuring continued protection for your loved ones.
Here’s why it’s essential to keep your life insurance policy in a renewed state:
Continuous Protection
Renewing your life insurance policy ensures that your coverage remains active. This continuous protection guarantees that your beneficiaries will receive the financial support they need in case of your untimely demise.
Avoiding Lapse in Coverage
If you fail to renew your life insurance policy, it could lapse, leaving you and your family unprotected. A lapsed policy may require you to undergo the underwriting process again, which could be more stringent and costly.
Maintaining Term Insurance Benefits
For those protected by term insurance, renewing the policy is crucial to maintain the benefits and coverage amounts initially agreed upon. Renewing at the right time ensures that they continue to benefit from the same terms and conditions.
Financial Planning Stability
Regularly renewing your life insurance policy helps in stable financial planning. It ensures your long-term financial commitments, such as loans and mortgages, are covered, reducing financial strain on your family.
Access to Additional Benefits
Many life insurance policies offer additional benefits and riders that can be added at renewal. These can include critical illness coverage, disability benefits, or accidental death riders, enhancing the overall protection.
Renewing your life insurance policy is not just about maintaining coverage; it’s about securing your family’s future, ensuring financial stability, and taking advantage of additional benefits. Whether you have a term insurance plan or a whole life policy, timely renewal is essential for maximising the value and protection your life insurance provides.
Disclaimers:
IndiaFirst Life Insurance Company Limited, IRDAI Regn No.143, CIN: U66010MH2008PLC183679, Address: 12th & 13th floor, North Tower, Building 4, Nesco IT Park, Nesco Centre, Western Express Highway, Goregaon (East), Mumbai – 400 063. Toll free No – 18002098700. Email id: customer.first@indiafirstlife.com, Website: www.indiafirstlife.com. Fax No.: +912268570600. IndiaFirst Life Insurance Company Limited is only the name of the Life Insurance Company and does not in any way indicate the quality of the contract, its future prospects, or returns. For more details on risk factors and terms and conditions, please read the sales brochure carefully before concluding the sale. Trade logo displayed above belongs to our promoter M/s Bank of Baroda and is used by IndiaFirst Life Insurance Co. Ltd under License.
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