Reply by Mr. Abhishek Bondia, SecureNow Insurance
Broker Pvt Ltd
You can resume your life insurance policy even
after the due date has expired.
Most life
insurance policies offer a grace period after the due date.
If you pay
within the grace period, the policy is carried forward as usual.
The typical grace period is 30 days. For monthly
premium pay mode grace period is 15 days.
If the premium is unpaid even after the grace
period, the policy would lapse. The process of reviving a policy varies
depending on the time lapsed.
You can revive a policy any time before the
expiry of the policy term. However, once the policy lapses, insurers get a
right to conduct fresh underwriting.
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| Mr. Abhishek Bondia, SecureNow Insurance Broker Pvt Ltd. |
Depending on the number of years the policy was
in force, some insurers waive off fresh underwriting at the time of revival of
policy.
Mr. Mr.
Abhishek Bondia is Director at SecureNow Insurance Broker Pvt Ltd
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