Bajaj Life renewal premium: grace period, revival and how to pay
Renewing a Bajaj Life term plan means paying each premium on time. Bajaj Life gives 30 days' grace, or 15 days on monthly premiums, on both iSecure II and eTouch II (policy documents, UINs 116N208V03 and 116N198V10). Miss that and the policy lapses; you then have five years to revive it, with interest and possibly a medical.
Written by Shifa NooraniReviewed by Shadab SayeedUpdated nyvo insurance Services LLP, IRDAI Corporate Agent (Composite) CA1085Salaried advisors, no commission-based ranking
This is independent information from nyvo insurance Services LLP, an IRDAI-registered corporate agent (licence CA1085). It is not Bajaj Life's own website. The rules here are from Bajaj Life's own policy documents, and the payment routes and contacts from its own payment pages.
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Bajaj Life renewal rules at a glance
| Grace period | 30 days on yearly, half-yearly and quarterly premiums; 15 days on monthly |
|---|---|
| If death happens in the grace period | Benefits continue; iSecure II pays the death benefit minus the due premium |
| When the grace period ends unpaid | Pure term variants lapse with no benefit; return-of-premium variants become paid-up after a full year's premium |
| Revival window | Five years from the date the premium wasn't paid |
| Revival interest | 10-year G-Sec yield plus 2%, compounded half-yearly: 9% in iSecure II's document, 10% in eTouch II's |
| Pausing premiums | Auto Cover Continuation: defer one year's premium after three full years, interest-free |
| Customer care | 020-6712 1212, Monday to Saturday, 10 am to 7 pm · customercare@bajajlife.com |
Grace, lapse, revival and Auto Cover Continuation terms are from the iSecure II policy document (UIN 116N208V03, September 2025 version) and the eTouch II policy document (UIN 116N198V10, August 2026 version). Another Bajaj Life plan's wording can differ.
What happens if I miss the Bajaj Life due date?
Policy benefits continue through the grace period: 30 days on yearly, half-yearly and quarterly premiums and 15 days on monthly ones. iSecure II's policy document adds that if death happens in the grace period, the death benefit is paid after deducting the premium that was due. Bajaj Life's renewal page says no late fee applies inside the grace period.
If the premium is still unpaid when the grace period ends, the pure term variants lapse and no benefit is payable: Life and Easy on iSecure II, Life Shield and Life Shield Plus on eTouch II. The return-of-premium variants work differently. Once a full year's premium has been paid, they don't lapse but become paid-up, with the benefit cut in proportion to the premiums paid.
Can I revive a lapsed Bajaj Life policy?
Bajaj Life will consider reviving a lapsed policy within five years of the date the premium wasn't paid. You pay all the arrears, plus interest on each premium at the 10-year G-Sec rate plus 2%, rounded up and compounded half-yearly. The rate printed in iSecure II's September 2025 document is 9% a year, and eTouch II's August 2026 document prints 10%, so ask Bajaj Life for the rate on the day you revive.
You may need a medical at your own cost. Bajaj Life can revive on the same premium, revive on a different premium, or refuse and refund what you paid towards the revival. Its renewal page adds that after 180 days of non-payment you'll need to sign a Declaration of Good Health.
Can I skip a year of Bajaj Life premiums instead of lapsing?
Both plans have Auto Cover Continuation. If at least three full years' premiums have been paid, you can give Bajaj Life 30 days' notice and defer one full policy year's premium while every benefit continues. No interest is charged on the deferred premium. It isn't available in the last year of the premium-paying term, and when the year ends all the due premiums have to be paid, or the policy lapses (or becomes paid-up, on a return-of-premium variant).
eTouch II also offers a Premium Holiday that you choose when you buy: one, two or three policy years in which you don't pay, the first no earlier than after five policy years, on a policy and premium term of 20 years or more. The cost is collected as additional premium in the regular cycle, and if you never take a holiday you've paid for, Bajaj Life waives that many premiums near the end of the policy.
How do I pay my Bajaj Life premium?
Bajaj Life's renewal page lists online, auto-pay and counter routes. One rule applies to all of them: Bajaj Life takes the full premium, not instalments.
Online
Quick Pay on Bajaj Life's renewal page with a credit card, debit card, EMI on selected banks' cards, net banking or UPI.
Message 8806727272 and choose "Premium Payment" from the menu. Bajaj Life shows the amount due and sends a payment link.
App, portal and chatbot
The Life Assist app and customer portal, or the BOING chatbot on the website and portal.
Auto Pay
A NACH mandate (form at a branch, or online), a UPI mandate or a standing instruction on a credit card. On iSecure II, monthly, quarterly and half-yearly modes need auto-debit.
At a Bajaj Life branch
Cheque or demand draft in favour of Bajaj Life Insurance Limited, with the policy number on the back, or a credit or debit card.
Cash
Up to ₹49,999, and only at Axis Bank or SBI branches or a Common Service Centre, for a policy that's in force or lapsed within 180 days. Axis Bank customers can also pay at Axis Bank ATMs.
Bajaj Life says its agents and representatives aren't authorised to collect renewal premiums in cash. Don't hand cash to anyone who comes to collect it.
Who to contact at Bajaj Life about a premium
From Bajaj Life's renewal payment page and its contact page (service line and hours), read 24 October 2026.
Bajaj Life renewal premium, questions answered
What is the grace period for Bajaj Life term insurance?
30 days for yearly, half-yearly and quarterly premiums and 15 days for monthly ones, on both iSecure II and eTouch II. Benefits continue during the grace period. If the premium is still unpaid when it ends, the pure term variants lapse, and return-of-premium variants that have run a full year become paid-up.
How do I pay my Bajaj Life premium on WhatsApp?
Message 8806727272 and choose "Premium Payment" from the menu. Bajaj Life shows the renewal amount and sends a link to pay online. You can also pay on its renewal page, in the Life Assist app, through the BOING chatbot, or at a Bajaj Life branch.
How do I revive a lapsed Bajaj Life policy?
Apply within five years of the missed premium. You pay all the arrears with interest at the 10-year G-Sec rate plus 2%, compounded half-yearly, and may need a medical at your own cost. Bajaj Life's renewal page says that after 180 days unpaid you'll also need to sign a Declaration of Good Health. Bajaj Life can still refuse a revival.
Can I skip a year of Bajaj Life premiums?
Yes, through Auto Cover Continuation, once three full years' premiums are paid. Give Bajaj Life 30 days' notice and you can defer one policy year's premium, interest-free, while every benefit continues. It isn't available in the last year of the premium-paying term, and the deferred premiums must be paid when the year ends.
Can I pay my Bajaj Life premium in cash?
Yes, up to ₹49,999, but only at Axis Bank or SBI branches or a Common Service Centre, and only for a policy that's in force or lapsed within 180 days. Bajaj Life says its agents aren't authorised to collect renewal premiums in cash, so never hand cash to anyone who comes to collect it.
Sources
- Bajaj Life iSecure II policy document, UIN 116N208V03, version 1 (September 2025), read 24 October 2026.
- Bajaj Life eTouch II policy document, UIN 116N198V10, version 1 (August 2026), read 24 October 2026.
- Bajaj Life, Renewal payment page and renewal FAQs (payment routes, cash limits, WhatsApp), read 24 October 2026.
- Bajaj Life, Contact us page (service line 020-6712 1212, Monday to Saturday, 10 am to 7 pm), read 24 October 2026.