If it is a Single premium policy, please ignore this.
The premium payment is the most important and most frequent event in the life time of a Policy and you must not forget to pay premium in
time. Failure to pay premium in time results into lapsation of policy which means, the life cover will not be available to you
There are concessions on this under certain conditions. However, generally, the life risk is not covered during lapsation period.
Also, delay in payment of premium invites late fee.Please note from the schedule, the date of commencement of the policy, due date and
mode of payment of premium. Mode of payment means the freqeuncy i.e., yearly, half-yearly, quarterly, monthly etc.
You are a responsible person and surely you will not forget to pay your premiums in time.
However, just to help you remember this most important information we shall be sending a premium notice.
Please note that you need not wait for the notice as it is not mandatory to produce the premium notice in the counter.
This is just a remainder. Also, there may be, at times postal delay because of which you may not get the notice in time.
You need not be worried about that. Please remember that the notice will be sent just as an additional help to you.
Primarily, it will be your responsibility to remember to pay premium in time.