Examples of Lapsed Policy in a sentence
If a Lapsed Policy is not revived within the Revival Period, the Policy will terminate without value on the expiry of the Revival Period.
If You discontinue the payment of Premium before paying Premiums for any of the first 2 (Two) Policy Years, the Policy will become a Lapsed Policy on the expiry of the Grace Period and no benefits under the Policy shall be payable and in such event the Premium(s) paid, shall be forfeited by Us.
All benefits (except for the Accelerated Critical Illness Benefit, if already claimed under the Lapsed Policy) including death and monthly income which were originally payable will be restored on such Revival with effect from due date of the unpaid Premium.
We may accept or decline Your application to revive the Lapsed Policy or paid up policy as per Our Board approved underwriting policy.The Revival of the Policy will be effective after Our approval is communicated in writing to You.
The following exclusions are applicable to the benefits provided under the Policy: 3.1. No benefit under the Policy shall be payable if the Specified Early Stage Cancer or Carcinoma-in-Situ (CiS) or Major Stage Cancer is Diagnosed or the Life Insured dies within 180 (One Hundred and Eighty) days from the later of the Date of Commencement or the date of revival of the Lapsed Policy (only if the Policy is revived after 90 days from due date of last unpaid Premium) ("Waiting Period").