Sentences with phrase «many of us lapse our policies»

Had the individual purchased permanent life insurance, he or she could have access to a potentially significant source of supplemental retirement income in the future (depending on the policy type), while preserving the death benefit in perpetuity (note, however, that the death benefit and cash value of a policy is reduced in the event of a loan or partial surrender, and the chance of lapsing the policy increases).

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.

The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the first unpaid premium.

The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium.

Revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the first unpaid premium.

And the fact that break - in, today the simplest option available to renew your lapsed policy, is growing in popularity is borne by a bird's eye view of the numbers witnessed over the months of June, July, and August 2014: • The number of lapsed policies that were revived using break - in has shot up seven times within just three months of its launch (June — Aug 2014.)

However, you revive it within two years from the date of lapsing the policy.

You obviously have the option of lapsing the policy by stopping the premium payments.

The renewal of lapsed policy can be done if the insured submits a reinstatement request within a period of 2 years since the date due for the payment of first unpaid premium.

Had the individual purchased permanent life insurance, he or she could have access to a potentially significant source of supplemental retirement income in the future (depending on the policy type), while preserving the death benefit in perpetuity (note, however, that the death benefit and cash value of a policy is reduced in the event of a loan or partial surrender, and the chance of lapsing the policy increases).

The regulator has also asked the life insurers to report the matters on lapsations regularly to it,» The proceeds of the lapsed policies shall invariably be refunded to the policyholder after the expiry of the revival period or at any time after completion of 3 years term as and when demanded by the policyholder.

If the life insured dies due to suicide within one year of plan commencement or within one year of revival of a lapsed policy, 80 % of the premiums paid are refunded.

This section provides you with information on services related to online payment, revival of lapsed policy, claim settlement, policy servicing, grievance redressal etc..

Reinstatement of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the lapse.

The revival of a lapsed policy is possible if a written request is submitted by the policyholder within a timeframe of two years from the first unpaid premium.

As purchasing a life insurance policy is very important similarly renewing your policy time to time and revival of lapsed policy is equally crucial.

The revival of your life insurance policy provides an option to extend the coverage, as the insurers can not decline the revival of your life insurance policy because the option of revival of lapsed policy is always present in the original policy document.

The renewal of the lapsed policy can be done anytime within 5 years from the date of unpaid premium.

The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of three years from the date of the first unpaid premium.

An inspection of the vehicle will be scheduled, after you provide the details of your lapsed policy on phone.

However, being a short - term plan, renewing it every year is not done zealously and many of us lapse our policies after only continuing it for a couple of years.

The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of one year from the date of the first unpaid premium.

The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the first unpaid premium.

The revival of lapsed policies is applicable only on Regular and Limited premium payment policies.

The restoration of a lapsed policy to in force status is called Reinstatement.

If the Life Assured commits suicide for any reason whether sane or insane within 12 months from the date of inception of the Policy or within 12 months from the date of Revival / Reinstatement of the lapsed policy, the company will not be liable to pay the benefits under the policy other than what is specified below:

One can mainly call to any LIC Customer Care Helpline Number to know about your policy status, premium payment status, bonus, loan facility & eligibility, revival of lapse policies and information about any LIC policy.

As many Universal Life policyholders faced the potential of lapsed policies, the insurance companies knew they needed to create a policy that had more guarantees built in.

The policyholder can apply for reinstatement of the lapsed policy within two years from the due date of the first unpaid premium («Reinstatement Period»).

The Policyholder can apply for reinstatement of the lapsed policy within two years from the due date of the first unpaid premium.

The revival of a lapsed policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Policyholder.

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.

Generally, if the revival of a lapsed policy is done within six months, then no medical declaration is required.

The revival of the lapsed Policy shall take effect only after We have approved the same in accordance with Our board approved underwriting policy and communicated to You in writing.

This helps in reduced instances of lapsed policies.

Not exact matches

And if you take a loan that is equal to the cash value of the policy, the insurance company will force the policy to lapse and you will be hit with a large tax bill.

In addition if the loan, plus unpaid interest, exceeds the size of the cash value, your policy will lapse and you can lose your coverage.

¹ Access to cash values through borrowing or partial surrenders will reduce the policy's cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.

Of course you can not let your policy lapse or you will be responsible for the income tax on the loan.

The primary purpose of this provision is to prevent the unintentional lapse of your policy.

There was also a lapse of judgment on part of Mr. Saxena as claimed in one of the announcements, that he had been online when the private keys were extracted for the BTG distribution process and saving in plain text format which went against the written policies of safety and security of operations.

Premiums are generally paid for the life of the policy, though some choose to pay a higher premium for a shortened period of time, such as 20 years, in order to make sure their policy doesn't lapse later.

And if a policy lapses with an outstanding loan in excess of the cost basis, it's taxable.

While the cash value feature is an attractive option it's important to remember, though, that tapping into the cash value of a life insurance policy reduces its value and death benefit and increases the chance the policy will lapse.

Consumers over the age of 65 are now able to sell their unneeded life insurance policy as an alternative to lapse or cash surrender.

This improvement of $ 2.1 billion was primarily due to somewhat better - than - expected economic conditions and an increase in the lapse ($ 3.2 billion) partially offset by provisions for anticipated Cabinet decisions ($ 0.9 billion) and the impact of new policy initiatives proposed in the March 2017 Budget ($ 0.3 billion).

Also, tapping into the cash value of a life insurance policy reduces its value and death benefit and increases the chance the policy will lapse.

While this debate has provided fodder for policy wonks, it has not had much influence on Capitol Hill which seems poised to allow federal unemployment benefits to lapse without much of an alternative strategy for getting the long term jobless working again.

The policy lapsed from the end of June until August 6.

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.