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Missing Premium Payment

Generally, an insurance policy lapses if the due premium is not paid within six months…

I took a life insurance policy in 2009 and forgot to pay the last premium which was due in December 2010. Can I continue with my policy?
- Surojit Bose

It is an oversight on your part to have missed the premium payment, as it is the most important transaction required to keep the policy in force. However, continuation of the policy depends on the terms and conditions of the policy. Generally, an insurance policy lapses if the due premium is not paid within six months of the due date. You should approach the policy issuing office and get the figure of total amount due as on date along with the interest. On payment of the dues, your policy may be regularised.



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