I have not paid premium for a few years. Do I get anything back from the insurance company?The insurance company provides a grace period during which you can pay the premium and keep the policy in force.
04 Dec 2008
The insurance company provides a grace period during which you can pay the premium and keep the policy in force. For a regular premium paying policy, premium has to be paid within 30 days of the due date (15 days if the payment mode is monthly).
If it has been less than three years since you purchased your policy and not paid premium, you may not receive any money back from the insurance company.
If you have paid premium for more than three consecutive years, then a surrender value could be payable to you. However, this would vary by company and plan type. Typically, the surrender value depends on the:
- Type of policy
- Amount of premium
- Policy term
- Number of years for which the premium has been paid and
- Accumulated bonus, if any