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1. A policyholder is required to pay the premium for the insurance policy by the end of the grace period after the premium is due.
2. If premiums have not been paid for three consecutive years from the inception of the policy, the insurance ceases with immediate effect.
3. Insurance companies provide a clause for the revival of policy within a specified period by paying the outstanding premiums. This can vary according to the type and terms of the insurance policy.
4. After three years of the commencement of the policy, and at the end of the period allowed for revival, the insurance contract stands terminated and the policyholder is given the surrender value.
5. Insurers may offer to continue the insurance cover, if opted for by the policyholder, by levying appropriate charges. This may include penalties, fresh assessment of risk, and medical check-ups.
The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
| All the beginning of the month | Received during the month of December2020 - NIL | Resolved during the month of December 2020 - NIL | Pending at the end of the month - NIL | Resons for pendancy |
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