INTERVIEW QUESTIONS INSURANCE DETAILS

Question: What happens when I fail to make the required premium payments on the due date?

Answer: It is extremely important to make payment on time. In case the insured fails to do it on time, the company gives another 15 to 30 days to make the payment. This is called grace period. If the payment mode is monthly, the grace period is 15 days. For other mode, the grace period is 30 days.

Suppose the insurer fails to pay even in the grace period, you can still revive the policy after fulfilling few conditions. For example, you might be required to go through medical test once again, you will be asked to pay the premium for the lapsed period with interest.

Bottom line is that, it is advisable to pay it on time.

It is extremely important to make payment on time. In case the insured fails to do it on time, the company gives another 15 to 30 days to make the payment. This is called grace period. If the payment mode is monthly, the grace period is 15 days. For other mode, the grace period is 30 days.

Suppose the insurer fails to pay even in the grace period, you can still revive the policy after fulfilling few conditions. For example, you might be required to go through medical test once again, you will be asked to pay the premium for the lapsed period with interest.

Bottom line is that, it is advisable to pay it on time. Source: CoolInterview.com

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