How to pay premiums?

You can pay your life insurance premium through any of the following Source:

· Pay premium at Insurance offices: Main office or branch offices

· By Internet: Through banks that your insurance company has tie-ups with

· Pay premium by Bank Account: You can provide your bank with standing instructions (auto-pay) to debit your account as and when the insurance premium becomes payable, or use phone-banking facilities

· Authorized service providers (Third party) such as BillJunction.com or BillDesk.com

What happen if you forget to pay your premium?

Generally, you would receive a notice from the insurance agent and the insurance company reminding you about your due premium fee. However, if you don't receive the reminder, you cannot hold the insurance company trustworthy; the loss as well as the responsibility to pay your premium before the due date is yours.

An insurance company generally provides a 30 days grace period 15 days if the payment mode is monthly during which the premium has to be paid. However, if the policy lapses due to non-receipt of premium within the first three years, it can be revived within two years from the lapse date. The insurance company charges interest for the delayed payment of the policy and has the right to accept or decline reviving the policy.

Some schemes exist to revive a policy; for example, in the case of a money-back policy, the survival benefit under the policy the money receivable from the insurance company at regular intervals can be used to pay premium plus interest on your premium amount.

The point is to remember you are attractive a chance with your family's future by being negligent. And you and/or your family could pay for the penalty.