What to Do If Your Insurance Policy Lapses?

Jun 04, 2018 | 1 year 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 https://www.aegonlife.com/insurance-plans/

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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