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Insurance Policies
Outline of presentation
• Payment of Premium
• Grace Period
• Revival of Lapsed Policies
• Paid-up Policies
• Surrender Value
• Suicide
Payment of Premium
• Premiums are payable yearly in advance
directly to Company.
• Advance payments of half-yearly, quarterly
and monthly premiums will be accepted as
installments of the yearly premiums.
• Receipts for premiums are valid only if issued
on forms prescribed and signed by its duly
authorized officers.
Grace Period
• The policyholders can pay to Company any premium
within a grace period of 31 days after it falls due.
• If the Life Insured dies during the grace period, before
the due premium is received, then the due premium
will be treated as received, but it will be deducted from
whatever amount is otherwise payable.
• If the grace period expires before due premium is
received by Company, the Policy will lapse unless it is
kept inforce under the “Automatic Non-forfeiture”
clause of the Policy.
• The lapse date will be taken as the due date of the
premium in default.
• No. claim whatsoever shall lie against Company, under
a lapsed policy.
Revival of Lapsed Policies