Page 70 - M1_Insurance Introduction Notes

within 3 years of issuance or reinstatement of the

Policy; whichever is later.

Maintaining the policy

The premium should be paid regularly on the due dates

or at least in the grace period (30 days after due date

for annual premium and 15 days for other premium

payment period) else the policy may lapse.

Alteration in a policy

An alteration in the policy can be done on mode of

payment of premium, term of the policy and increase

in sum assured (subject to the terms and conditions of

the policy or regulatory requirements)

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