Michael M
 |
If it is a term policy it lapses and your coverage is gone. You haven't lost your premiums because you paid for the coverage. Most term life insurance policies have a period of time where you can reinstate the policy. You may have to fill out a reinstatement form and send them some medical records, but at least you have the opportunity to pick up your policy where you left off.
If you have some kind of life insurance with cash value like a whole life or universal life insurance policy then the policy may pay the premiums out of the cash value. |
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src50
|
Your policy lapses. Whether there is any "cash value" depends on the type of policy. |
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Mahavirgems
 |
Your Policy lapses, |
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car253
|
You policy cancels if you do not make the payments. If you have cash value in the policy it may pay the premiums for you as a loan against the policy. That is if the policy is a whole life.
If the policy is a Universal Life Insurance policy then if you have money on deposit then that money in the policy may pay the premiums for you.
If the whole policy cancels you do not get your payments back. You only get any cash value that might be in the policy. If there is no cash value then you get nothing.
You may want to post what type of policy you have, whole life or Universal life. |
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Anand V
|
Your policy would lapse and you will no longer enjoy the benefits of the insurance.
Usually in all policies there would be a minimum number of years until which if you had paid you can get a portion of your premium back. check out the terms and conditions in ur policy document and get as much money as you are due from the company.
Cheers,
Anand
http://anandvijayakumar.blogspot.com
mail me at anandvijayakumar@ymail.com if you need any more details. |
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snow_white
 |
you can revive your policy by paying the premium
you can get paid up value if continuously paid your premium for the minimum required period.
if revived, you can get all the benefits.
lapsed policies can be revived if paid for the minimum period for this you have to contact your agent or branch office. |
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saahil
 |
Hi, it depends on the term of the policy and for how many years you have made the payment. If u have made the payment for less than 3 years than u wont get anything. After 3 years there are various charges which r deducted from your premium. Maybe you'll have to pay for at least 7 to 8 years to get back your principal amount.
http://www.investorcamp.blogspot.com |
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sweet
 |
Certainly. However you can revive. LIC announces its revival period for lapsed policies and you can retreive the benefits |
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khayum p
|
Your policy lapses, you can revive it again after paying the premium and penality. I f you want to surrender the policy, then there are surrender value rates and the you will get it. Surrender value rates will be lesser than the money you have already paid. |
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rajan l
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They will charge you for late payment if you pay later. But if you do not pay then the policy will mature at its own time and you will get back the money you have paid plus some interest. |
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ketu
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you do not read insurance company terms and condition. so please read. in ur sometimes company cover all the payment. sometime give u a bonus or sometime not. |
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