“ सेवा, सुरक्षा और समाधान ”
“ सेवा, सुरक्षा और समाधान ”
Policy Lapsed
A lapsed insurance policy occurs when you've missed paying your premiums, and the nonpayment of premium even after the contractual grace period (typically 15-30 days from the due date), resulted in the coverage ending.
Depending on your policy's terms and conditions, you may have the opportunity to reinstate the lapsed insurance policy by fulfilling certain requirements. If you opt not to reinstate it, you will have to forfeit all the premiums you've paid so far.
We Can Guide You to take the following actions, thus maximising/optimising your benefits from the lapsed policy:
- Lapsed policy status update.
- Reinstatement of the lapsed policy
- Conversion from lapsed to Paid up
- Surrender of the policy
Keep in mind that a lapsed insurance policy won't provide any additional income from the fund, nor will it offer any protection (risk cover). It's essential to act immediately to address the issue.
Frequently Asked Questions
What happens when my insurance policy lapses?
When an insurance policy lapses, the coverage and benefits associated with the policy are no longer in effect. This means that the insured is no longer protected against covered risks and may be subject to loss or liability without insurance support.
Reinstating lapsed insurance policy
In many cases, insurers allow policyholders to reinstate a lapsed insurance policy by paying outstanding premiums and any associated fees within a specified timeframe.
How can I prevent my insurance policy from lapsing in the future?
To prevent your insurance policy from lapsing, it's essential to ensure timely payment of premiums. Set up reminders or automatic payments to avoid missing payment deadlines. Additionally, stay informed about your policy's renewal dates and grace period to avoid unintentional lapses.
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