Life Insurance: What if there is a delay in premium payment?
For monthly term insurance premiums, a grace period of 15 days is given, and for three or six-month premiums, a grace period of 30 days is given. If the premium is not paid even then, the insurance will lapse, said Sabyasachi, MD of Go Digit Life Insurance. ‘With this, clients lose coverage. Only a few companies reinstate the insurance. For that, they collect the premium amount along with interest,’ he explained.
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