I could not deposit the last premium on my life insurance policy. Can the payment be made now?
Vishal Naik, Mumbai
It will depend on the time period that has lapsed since you last paid your premium due. If the time elapsed is not much and it falls within the grace period, (a month in case of yearly, half-yearly and quarterly modes and 15 days on the monthly mode), then you can make the payment now and it would be considered as a timely payment. In case, you have exceeded the grace period then the policy lapses. Then you need to make the payment due along with the prescribed interest. You may also have to undergo fresh medical tests to determine your insurability.
