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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Get answers to specific queries on life insurance
A life insurance policy lapse means that life insurance policy coverage is inactive hereafter. No policy changes can be made nor no death claim payments will be made if the policy lapses. To avoid lapses, always make the premium payments on time to your life insurance company. When a life insurance policy lapses, the policy is no longer active because of the missed premium payments.
Reasons for a Policy to Lapse - Policy lapses can happen for two common reasons:
Missed Premium Payments
First when you miss out on the premiums. Usually for the defaulted premiums the bank will provide a grace period for the customers to resume making payments but even after that if they continue to default then the policy will definitely lapse, meaning that it will no longer provide coverage to the policyholder.
You have utilised the entire cash value of the Plan
A policy is considered lapsed when you withdraw the entire cash value of the policy. This is mostly applicable for a permanent life insurance policy. When you withdraw the entire cash value of the plan, it no longer is applicable and is considered to be closed or lapsed.
Tips to Avoid Policy Lapses
Pay attention to the reminders (emails, SMS, etc.) the insurer sends you as it contains important information regarding premium payment dues. The policy will not lapse without a notice. Even if your policy is lapsed you can always check with your insurer if it’s possible to reinstate it by paying a late penalty along with the pending premiums.
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CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application