The policy lapses and needs to be reactivated or reinstated depending on the following situation if renewal premium is not paid by the due date:
a. For Ordinary Life policies:
- If you have paid premium for less than 2 years, the policy lapses after 31 days from due date. Coverage would not be provided from 31days until the payment is done. Such lapsed policies need reactivation / reinstatement. For reinstatement of lapsed policies, please refer to Question No. (7) below.
- If you have paid premium for more than 2 years, the policy will remain in force until 90 days. After a free period of 90 days the policy may remain in force based on the selected or default NFO (Non-Forfeiture Options). In such cases, coverage would be available even for payments made after 90 days for such policies.
b. For Life Care & Life Shield policies, the policies lapse after grace period of 31 days from due date. In such cases, no coverage would be provided for the payments made after 31 days. Such lapsed policies need reactivation / reinstatement. For reinstatement of lapsed policies, please refer to Question No. (7) below.
c. For Universal Life policies, the account value generated on each policy will keep the status of the policy in force along with coverage until the account value is nil.
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