Sentences with phrase «case of a lapsed policy»

In case of a lapsed policy, policy holder has an option to either reinstate the policy within 2 years and restore the benefits or surrender the policy and receive the Surrender Value, if any.

In case of a lapsed policy, policy holder has an option to either reinstate the policy within 2 years and restore the benefits or surrender the policy and receive the Surrender Value, if any.

Not exact matches

Speaking during a courtesy visit by the participants of Senior Executive Course 40, 2018 Study Group from the National Institute of Policy and Strategic Studies, Kuru, at the Government House Port Harcourt on Monday, Governor Wike said: «What we have seen in most cases is that security lapses are a result of political interference.

No more lapses As the policy premium is single and is paid up in a lump sum, therefore, you do not have to stress over policy getting lapsed in a case of premium non-payment hence, making the policy valid for the entire policy term, which creates a good cash value while you render policy benefits in the end.

In certain cases, if your policy lapses, you can restore it by providing acceptable evidence of insurability and bringing unpaid premiums plus interest up to date.

In case if you fail to pay the premium within the grace period then the benefits of the policy lapses.

Waiver of monthly deductions rider — This rider will pay your monthly premium for a certain period of time to prevent policy lapse in case of inability to pay due to disability.

In some case the policy never lapses till maturity while others like Reliance Life take a more stringent view and the policy lapses after non-payment of certain number of premiums and is reported accordingly,» the spokesperson said.

And, in case the insured fails to pay his premiums other than monthly premium modes then a grace period of 30 days is allowed, failure to which policy is subject to lapse.

Some companies might allow you to renew the policy, in case the insurance lapse is only of a few days, or else insurer will advise you to apply again for a fresh policy.

In case you fail to make payments of the premium within the imposed period of time, often results in consideration of lapse of the policy.

For a Regular premium payment policy, the policy will lapse in case the due premiums are not paid by the end of the Grace Period.

In case of failure of premium payment during this time, the policy will lapse.

In case of failure, the policy will lapse.

Reinforcement of a lapsed insurance policy is possible in case the insured files a reinstatement request within a timeframe of two years from the date of the first unpaid premium.

In all cases, when considering lapsing or surrendering a policy, seek the guidance of a professional advisor or expert to take advantage of the options available that best meets your needs.

In other situations, though, the policy may have an outstanding loan, which potentially undermines the internal rate of return (as loan interest compounds) and can increase the risk that the policy lapses (which in the case of a policy with a loan can trigger a taxable event, in addition to lapsing the policy itself!).

In case of policy lapse in case of a new policy, one won't get anything back.

The bad news, however, is that some policies have such significant loans that it's not affordable or economically feasible for the policyowner to keep the policy going, which may entail paying ongoing premiums, and life insurance loan interest (to keep the policy loan from further compounding to the point it forces the policy to lapse), or even paying additional cost - of - insurance charges to keep enough cash value in the policy to remain in force (in the case of universal life policies).

The fact that the lapse of a life insurance policy with a loan can trigger tax consequences even if there is no (net) cash value remaining is often a surprise for policyowners, and has even created a number of Tax Court cases against the IRS over the years.

Given the fact that the policy is projected to lapse, and that there is no net growth under the policy as the insurance charges and other policy costs (about $ 12,388) far exceed any growth potential (even at 4 % on $ 83,127 of cash value with another premium payment, it's only $ 3,325 of growth), Barbara's inclination was to simply cancel the policy (or technically to suggest to the trustee to allow it to lapse, as technically it's the trustee's decision in the case of an ILIT), avoid the insurance charges, and reinvest the cash value.

However, I still believe that one should either let such policy lapse in case of newly purchased plan or to surrender the policy where one has paid premium for some years.

Your policy (if sufficient) can then be used to help pay for college expenses, to get a leg up on retirement planning, or saved in case of emergency.1 You must also keep sufficient cash value in your universal life policy to ensure its no - lapse guarantee and extended coverage benefits remain in force.

Non-payment & late payment of premium In case the premium is not paid on the due date, the policy is considered as lapsed and the policyholder loses its benefits.

In case one partner refuses to pay or doesn't pay on time, the tenure of the policy lapses until the other partner takes the load of paying the premium by himself / herself.

No benefit shall become payable in case of death of the Life Assured while the ICICI term insurance policy is in lapsed condition.

• Waiver of premium rider: This rider prevents the policy from getting lapsed in case the policy holder fails to pay regular premiums due to some reason.

In case of failure of premium payment the policy will lapse.

Grace Period: If the insured fails to pay his premium within the premium due date then he is allowed a grace period of 15 days for monthly premium payment mode and 30 days grace period in case of annual premium payment mode, failure to which the policy shall lapse.

In case your policy remains lapsed for a period of 90 days, it affects adversely your No Claim Bonus (NCB) and it gets fortified.

In case the insured fails to pay the premium within the grace period, then the policy lapses and the benefits of the policy cease.

In case of LIC of India, revival is needed when an LIC policy gets lapsed if...

This scheme will not be entertained in case of the age of the policy name holder is below 8 years old at the time of revival policy and also if the policy lapsed even without getting the paid up value.

In the case of policyholder delays the payment of premium then the policy can lapse.

In case you have allowed your policy to lapse at any time, you may be charged a fee to renew, but a fee is not usually required at the time of renewal.

Regarding Jeevan Anand Policy: Case - 1: Lapsing the Policy, As I have paid premium of 90,000 for 2 years, It's bit painstaking to book a loss of this amount Case - 2: If I pay another premium of 45,000 for this year and if I am surrendering after 3 yrs Lock - In, after all the calculations the surrender value what I am getting after 3 yrs is 54,000 but what I have paid is 1,35,000 in this case the loss is 81,000 which is little better than the earlier case where I am making policy to Policy: Case - 1: Lapsing the Policy, As I have paid premium of 90,000 for 2 years, It's bit painstaking to book a loss of this amount Case - 2: If I pay another premium of 45,000 for this year and if I am surrendering after 3 yrs Lock - In, after all the calculations the surrender value what I am getting after 3 yrs is 54,000 but what I have paid is 1,35,000 in this case the loss is 81,000 which is little better than the earlier case where I am making policy to LaCase - 1: Lapsing the Policy, As I have paid premium of 90,000 for 2 years, It's bit painstaking to book a loss of this amount Case - 2: If I pay another premium of 45,000 for this year and if I am surrendering after 3 yrs Lock - In, after all the calculations the surrender value what I am getting after 3 yrs is 54,000 but what I have paid is 1,35,000 in this case the loss is 81,000 which is little better than the earlier case where I am making policy to Policy, As I have paid premium of 90,000 for 2 years, It's bit painstaking to book a loss of this amount Case - 2: If I pay another premium of 45,000 for this year and if I am surrendering after 3 yrs Lock - In, after all the calculations the surrender value what I am getting after 3 yrs is 54,000 but what I have paid is 1,35,000 in this case the loss is 81,000 which is little better than the earlier case where I am making policy to LaCase - 2: If I pay another premium of 45,000 for this year and if I am surrendering after 3 yrs Lock - In, after all the calculations the surrender value what I am getting after 3 yrs is 54,000 but what I have paid is 1,35,000 in this case the loss is 81,000 which is little better than the earlier case where I am making policy to Lacase the loss is 81,000 which is little better than the earlier case where I am making policy to Lacase where I am making policy to policy to Lapse.

Ask any questions to your broker / agent about reinstatement of the policy in case there is a lapse for late premiums, issuance of policy, effective date of the policy, etc..

In case of lapse of the policy, it can be revived within the revival period of 2 years from the due date of the first unpaid premium.

If the policy has acquired the surrender value, it does not lapse and In case of discontinuance of the premiums, the policy becomes Reduced Paid Up that can be revived within 2 years from the due date of the first unpaid premium.

If the Policy is lapsed as on the date of death of the life assured no death benefit is payable if the policy is under lapse status in case of Term polPolicy is lapsed as on the date of death of the life assured no death benefit is payable if the policy is under lapse status in case of Term polpolicy is under lapse status in case of Term policies.

Yes, death benefit can be denied in some cases: i. Death benefit is not payable in case the insured commits suicide within 12 months of taking the policy or within 2 months of reinstating the lapsed policy.

In case, the premium / s is not paid before completion of grace period, no benefit is payable and the policy is lapsed.

In case the policyholder wants to revive the lapsed policy, he has to apply for its reinstatement within two years from the due date of the first unpaid premium.

One of the shorter in force illustrations I've ever had to review because as it turns out, at age 65 this man has a policy that he has poured tons of money into and if Allstate's goose starts laying golden eggs right now, even though his premium will triple, the best case is it will lapse with no value or death benefit in 3 years.

Insurance21 Replied: 08-04-2017 08:29:09 This policy does not have premium waiver option, so premium will not be waived in case of proposer's death, that is, policyholder will have to pay specified premium otherwise policy will lapse.