Sometimes we forget to pay the premium or may not have money to pay the premiums. In both the cases the policy gets lapsed and the cover is lost. A lapsed policy is when a customer misses the premium or such as in case of permanent life if the cash surrender value is worn out. In such a scenario, if your policy is lapsed then the policyholder is no longer covered for any sort of benefit enlisted in the policy.
If your insurance policy is lapsed, you can always reinstate your policy. We strongly encourage you to reach out to your insurance company and initiate the process of reinstating your lapsed insurance policy. The window within which you can revive your policy varies upon the type of policy or the insurance company. However usually you have upto two years to reinstate your lapsed insurance policy by paying the due amount of all the missed premiums. Bear in mind that while reinstating a policy is always highly encouraged, one may also have an accumulated interest on the due amount that you would have to bear.
If this sounds too complicated, reach out to us. We can understand your situation and can help you revive the policy or help recover your money by surrendering the policy.
At Insurance Samadhan, we find solutions to any insurance-related issue that include lapsed insurance policy, assistance in case settlement, claim recovery in case of insurance fraud, assistance to NRI's in servicing their policies, and much more.Contact us
As of 2016, 80% of consumer complaints in the Insurance Sector were related to Insurance Claims alone. Ranging from fraud and lack of awareness to inappropriate documentation, imbalance in the Insurance Sector looms larger than ever before owing to the rise of the Indian middle class and a shift towards more educated investments. Despite numerous checkpoints imposed by the IRDA, an end-to-end solution for this problem seems far-fetched. New measures like the Introduction of KYC (Know Your Customer), Prohibition of Third-Party Payments, Fixing Accountability for Distributors, etc. have not yet completely resolved these issues. Due to lack of financial know-how and awareness, issues like data theft and fake calls posing as IRDA remain common. Insurance Samadhan has accepted this challenge and we aim to achieve the goal of removing these obstacles for our clients. We ensure that your case is excellently represented, protocol is followed and your life insurance complaints are resolved as quickly as possible.