If due to any reason, I am unable to pay the premiums on my policy before the due date what is the time period available for paying my premiums?
If due to any reason, I am unable to pay the premiums on my policy before the due date what is the time period available for paying my premiums?
If the premiums are not paid due to any reason, the policy goes into lapse and the customer loses the life cover. He can revive the policy without undergoing any formalities by paying the premiums within 6 months from the due date. If he pays after six months, then he needs to complete major revival formalities and may even have to undergo medicals. However the maximum time period available to revive the policy is 2 years from PTD and for policies, which have been issued after 01.09.2010 two years from the discontinuance date. If the premiums are not paid for more than 2 years from the due date, then policy will terminate and payout if any shall be paid. In case of NON UL plans, the policy might move into Reduce Paid Up mode. Please refer to your policy document for further information.
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By clicking on the hyper-link, you will be leaving www.kotak.com and entering website operated by other parties. Kotak Mahindra Bank does not control or endorse such websites, and bears no responsibility for them.
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