How to reactivate a lapsed life insurance policy?
Has your life insurance policy lapsed owing to any unavoidable reason?
Here’s how you can revive a lapsed policy.
Since the onset of the COVID-19 pandemic
There has been an increase emphasis place by the Indian masses on life insurance products.
With many young citizens purchasing life insurance covers for the first time.
Despite this, data aggregate from private insurance companies suggest that nearly 29% of.
The insured base has lapse policies due to failure to pay the insurance premium on time.
This is largely attribute to a general lack of awareness about.
The importance of timely premium payment rather than financial stress preventing them from continuing their insurance plans.
Let us look at certain steps that should be taken to ensure you continue to enjoy the host of safeguards that come inbuilt with life insurance plans.
If your premium is overdue by more than 30 days
Ensure you don’t suffer from any of the above inconveniences
Setting up automatic payments is highly recommend to enjoy complete peace of mind.
This can did by enabling the autopay option through your insurer’s web portal.
Can be configure with multiple payment options including Net Banking, Digital wallets, UPI Apps and Credit/Debit cards.
Through this feature, the premium amount gets debit from the respective account/wallet on the due date.
Enables you to continue enjoying the complete policy coverage without any last-minute hassles.
Only in the scenario where adequate funds aren’t available will the autopay route fail.
Trigger a message to your register email ID for further action.
If done within the prescribed timelines, your life insurance plan will continue to provide your loved ones with a security net to fall back on in times of need.
It is, thus, important to adopt a long-term mindset when opting for any life insurance product.
It necessitates basic discipline to be maintain in terms of premium payment and medical reporting.