What Happens When Your Life Insurance Policy Lapses?
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Table of Contents
What is Life Insurance Lapse?
Consequences of a Life Insurance Policy Lapse
Impact on Future Insurability
Reviving a Lapsed Policy
Alternative Solutions: Paid-up Value and Policy Loans
Preventing a Life Insurance Policy Lapse
Understanding Your Insurer's Lapse Policy
Conclusion: Lapse Isn't the End
About Author
FAQs on Life Insurance Policy Lapse
for Salaried Individuals¹
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Disclaimer
ABSLI Salaried Term Plan (UIN:109N141V01) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
1LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
ADV/10/23-24/2497
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