If the premiums are not paid on due date
If the premiums are not paid before the due date
If the premium has not been paid even during days of grace
If the policy is surrendered
✅ The correct answer is C.
If the premium has not been paid even during days of grace policy is deemed to be lapsed. The policy for which all benefits to the policy holder cease and is terminated due to non payment of premium amount on the due date or even after the grace period is called a lapsed policy.
If the premium has not been paid even during days of grace policy is deemed to be lapsed. The policy for which all benefits to the policy holder cease and is terminated due to non payment of premium amount on the due date or even after the grace period is called a lapsed policy.