Sentences with phrase «due date of the premium»

Description: With each premium payment a receipt is issued which indicates the next due date of premium payment.
If regular premiums are not paid within the grace period of 30 days from due date of premium, your policy will lapse and the life cover will cease immediately.
In addition, the policy holder can also change the amount and the due date of the premium as well.
In this way you will not have to even remember the due date of your premiums and your policy would remain intact.
Universal life is considered to be more flexible than whole life in that the policyholder is able — within certain guidelines — to change the due date of the premium payment, based on his or her needs.
We like Gerber Life because they offer clients the flexibility of changing the due date of their premium payments based on individual needs.
In addition, the policy holder can also change the amount and the due date of the premium as well.
If premium due in one financial year is being collected in advance in earlier financial year, insurers may collect the same for a maximum period of three months in advance of the due date of the premium.
Gerber Life offers you the flexibility to change the due date of your premium payments based on your individual needs.
Also, the policyholder may be allowed to change the due date of the premium.
The insured may also be able to change the due date of the premium, based on his or her then - current needs.
However, in many ways, universal life insurance is considered to be much more flexible than whole life, as the policy holder is allowed — within certain guidelines — to change the due date of the premium, as well as to allocate how much of his or her premium will go towards the death benefit, and how much will go into the cash component.
Often, the policyholder may also be able to change the due date of the premium, based on his or her changing needs.
Suppose the due date of premium payment is 1 July 2016, then he has to pay it by 16 July 2016 to renew or continue a policy in force without loss of continuity benefits, else his risk cover may lapse.
In this ever - busy schedule, people often forget the due dates of premium payment or are too engrossed to visit the center.
Grace Period: The policy allows a grace period of 30 days starting from the due date of premium.
Insurance company's offer a grace period (Of around 30 days) from the due date of the premium and in that grace period too, the policy is considered to be Active.
But due to some extreme situation, if you miss the due date of premium payment and your policy lapses, then rather than panicking, you should look for the above available options and choose the best one for yourself.
It is always better to remember the due date of the premium and pay it on time because after a policy lapses, you lose many benefits of the policy even after you successfully revive the same policy.
Can I change the due date of my premium for my policy?
Will a cover get suspended soon after the due date of the premium payment?
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