Avoid Claim Rejection: Keep Your Life Insurance Policy Active!

• Missing premium payments due to oversight or financial crunch can lead to policy lapse, leaving families without financial security.
• Insurance companies offer a 'grace period' (15 days for monthly, 30 days for other frequencies) after which policies lapse and claims are rejected.
• Lapsed policy consequences vary: Term insurance loses all cover, traditional policies become 'reduced paid-up' with lower sum assured, and ULIPs retain fund value but incur charges.
• Lapsed policies can be revived within 3-5 years by paying outstanding premiums with interest; a medical check-up might be required.
• Update contact details for reminders and prioritize timely premium payments, as reviving is cheaper than a new policy at an older age.

Why It Matters: Ensure timely premium payments and update contact details to keep your life insurance policy active and claims secure.