A policy lapses if the premium is not paid on the due date
A policy lapses if the premium is not paid within the grace period
A policy does not lapse at all under any conditions
Investment risk in a ULIP policy is borne by the Insurer
✅ The correct answer is B.
A policy lapses if the premium is not paid within the grace period. A policy lapses when you skip paying its premium, not just on the due date but even within the grace period—which is typically a month.
A policy lapses if the premium is not paid within the grace period. A policy lapses when you skip paying its premium, not just on the due date but even within the grace period—which is typically a month.