What happens if I can’t pay the life insurance premiums half way?

What happens if I can’t pay the life insurance premiums half way?

If you can't pay the premiums for your insurance policy, your coverage may be cancelled. This means that you would no longer be insured and would not have protection in the event of a covered loss. It's important to try to make your premium payments on time to avoid losing coverage. If you are having difficulty paying your premiums, it's a good idea to contact your insurance company and discuss your options. They may be able to work with you to come up with a payment plan or adjust your coverage to make it more affordable. It's also worth considering shopping around for a new insurance policy, as premiums can vary significantly between different insurance companies and plans.

In India, if the premiums are due beyond the due date, a grace period is given for paying the premiums. If the premium is still not paid during the grace period, the policy stands lapsed. A lapsed policy has reduced benefits which is known as the paid-up value.