Examples of Lapsed Policy in a sentence
If the Instalment Premium is not paid within the Grace Period during the first two Policy Years, the Policy will become a Lapsed Policy from the due date of first unpaid Instalment Premium and thereafter no benefits will be payable under the Policy.
If this Policy has acquired a Surrender Value, i.e. on payment of all Instalment Premiums during the first two Policy Years, then, in the event of non-payment of the due Instalment Premiums by You to Us, on the expiry of the Grace Period this Policy will not become a Lapsed Policy but will continue with reduced paid-up benefits as specified below unless revived.
If a Lapsed Policy without having acquired any paid-up value is not revived within five years, the Policy shall be terminated, and no value is payable to You.
Your Policy will terminate upon the occurrence of any of the following events: • the date of payment of the Surrender Value; or • the date of settlement of Death Benefit; or • the end of the Benefit Payout Period; or • the date on which the Revival Period ends if the Lapsed Policy has not been revived; or • the date on which the outstanding loan amount exceeds the Surrender Value in case of Reduced Paid Up (RPU) policies; or • the date of payment of free look cancellation amount.