- If a policy is less than three years old but lapses, and if something happens to you
After the policy lapses and a claim is filed, the insurer will not pay you anything.
At best, the insurer might be willing to give you or your dependants the premium
Payments that you have made. But, this is also totally at the insurer’s discretion.
- If a policy is more than three years old, but lapses, and if something were to happen
to you, under the existing insurance rules, your dependants can still get some benefit.
However, the insurer will pay only a reduced sum assured based on a pre-set formula
(The number of premiums paid to the total number of premiums payable).
Possibly Related Posts:
- Standard Protocol Needed for Affordable Insurance Products: IRDA
- IRDA slaps Rs 35.3 lakh fine on India Infoline Insurance
- LIC to stop selling 34 life insurance policies in December
- AEGON Religare Launched Guaranteed Growth Insurance Plan
- State Bank of Travancore, SBI General Insurance Launched Affordable Health Plan
- Reliance Life Insurance Launches Initiative to Revive Lapsed Policies
- Canara HSBC OBC Life Insurance launched Shubh-Labh Plan
- Reliance General Insurance Launched Health Insurance for Women
- List of Life Insurance Companies in India
- Two New Pensions Plans Launched By HDFC Life