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I have missed out on my premium this year. Can the payment be made now?

Sometimes, insurers do open a window to revive lapsed policies without any additional interest or penalties
By OLM Desk | August 13, 2017

I have missed out on my life insurance premium this year. Can the payment be made now?

Suresh Kumar Tyagi, Delhi

You have not mentioned the time period that has lapsed since your last premium was due. If the time elapsed is not more and it falls within the grace period, (a month in case of yearly, half-yearly and quarterly modes and 15 days on the monthly mode), then you can make the payment now and it would be considered as a timely payment. If you have missed the grace period; then the policy lapses, in that case, you need to make the payment due along with the interest for the time gap, at the prevailing market rate in order to revive it. Sometimes, insurers do open a window to revive lapsed policies without any additional interest or penalties; you could look for such windows to continue your policy. 

 

olmdesk@outlookindia.com

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