It is compulsory to pay three premiums in the LIC Market Plus Policy, but if I’m unable to pay the third premium, what will happen to the money of my two premiums that I have already paid?
-Santosh
You should look at your policy document and find out the grace period. See how long it has been since that grace period has expired. In the older ULIPs, your money would have been forfeited if you hadn’t paid the first three premiums. Hence, you should find out about the grace period in your policy to save the money you’ve already invested.
This article was originally published on April 20, 2012.
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