Lapsed policies
`It is very important to keep the policy valid by regularly paying the premium amount on the specified due date. In case this is not done, the policy can lapse. A lapsed policy does not enable you to utilize the benefits of the policy that you have purchased.
However, if the policy lapses, all is not lost. Usually, a grace period of 30 days is given to the policy holder. The period may vary from product to product. You can revive the policy by making the payment that is due and avoid the probability of a claim rejection, if it does arise
