Problem: The insurer is not liable to pay the claim if the policy has lapsed. By paying premiums on time make sure that the plan does not lapse.
Solution: Pay premiums before the due dates through electronic transfer from your bank. Otherwise, pay religiously before the due dates.
Insurers give a grace period of 15 or 30 days if premium is not on time, but try not to stretch it that far. If the policy lapses, you will need to fulfil various formalities to revive it.
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