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What to Do If Your Insurance Policy Lapses?

Jun 04, 2018 | 2 years ago | Read Time: < 1 minute | By iKnowledge Team

Missed a premium payment? There’s a chance your insurance might lapse. However, there is no need to hit the panic buttons yet.

Here is a step-by-step guide on how to revive the policy:

Revive The Insurance Policy

#1: Check the grace period

  • Many insurers give you 30 days’ grace

If the coverage is still valid…

  • Pay the premium and revive the policy

#2: Missed the grace period?

  • Check with your insurer about reinstatement

You may need to…

  • Pay a penalty and the premiums due
  • Undergo a health check-up
  • Provide further documentation

Reasons to avoid a policy lapse:

  • You need to buy a new policy
  • The lapse may leave you uninsured
  • You could miss out on tax benefits

Get all the information you need about Aegon Life’s insurance plans. Visit

To know about AegonLife’s life insurance products like term insurance plans and other products like health insurance , visit our home page.

Advt. no: IA/MAY 2018/4001


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