Life Insurance policies require the policyholder to pay a certain amount of premium to keep the insurance plan in force. If the insured individual fails to pay the life insurance premium on time, it will result in a lapsed policy. To put it simply, it means that the life insurance contract between the
insured and the insurer will become inactive. So, it is advisable to continue paying the premiums regularly.
To know more about Lapsed Policy, watch this easy-to-understand video, part of ‘Life Insurance Made Easy’ a customer education initiative by Bajaj Allianz Life. Visit our website and choose from our wide variety of term plans, ULIP plans and other types of life insurance products. To know more about such simplified insurance terminologies, visit https://bit.ly/3Hv7rIj.
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