Since life is full of unknown factors, one of the most critical worries is safeguarding your loved ones when you are away. You can never be completely prepared for the future, no matter how much planning you do or how many precautions you take. Life insurance plans, on the other hand, provide you with the assurance that your family will be financially secure in the event of your death/absence, irrespective of the reason. The best aspect is that a term insurance plan in India can be used to provide financial security for your family without breaking your bank.

However, simply purchasing a term plan is insufficient. To keep the plan active, you must pay all of your premiums on time. The term insurance coverage may lapse if premiums are not paid. If your insurance policy expires, it is critical that you renew your term insurance coverage promptly to ensure that your family’s financial security is not jeopardised.

If you have an existing term plan that is about to expire, let’s have a look at the guide to understanding its importance, tips to renew your existing and lapsed policy, and other factors to keep in mind.