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Lapsed Policy
At times, it can be easy to overlook paying insurance premiums or to experience financial constraints that prevent us from making timely payments. In either situation, the insurance policy may lapse, and the coverage will be lost as a result. A lapsed policy is one in which a customer fails to pay the premiums, or in the case of permanent life insurance, if the cash surrender value is exhausted. When a policy lapses, the policyholder is no longer entitled to any of the benefits outlined in the policy.
In case your insurance policy has lapsed, reinstating it is always an option. It is advisable to promptly contact your insurance company to start the process of reinstating your lapsed insurance policy. The timeframe for reviving your policy may vary based on the type of policy or the insurance company. Typically, you may have up to two years to reinstate your lapsed insurance policy by paying all the missed premiums. However, keep in mind that reinstating a policy may also come with an accumulated interest on the due amount, which you will need to bear.
If you’re feeling overwhelmed by the complexity of the situation, don’t hesitate to get in touch with us. Our team of experts can empathize with your circumstances and provide you with the assistance you need to restore your policy or recover your funds by terminating the policy.
REAL SOLUTIONS
INSURANCE SOLUTIONS
Our services include assisting with lapsed insurance policies, helping clients navigate the claims settlement process, recovering claims in cases of insurance fraud, and providing dedicated support to non-resident Pakistani with their insurance policies.We understand that insurance can be complex and that unexpected events can occur, leaving clients unsure of what steps to take.
Grievance Redressal
Life Insurance
This worrying trend is due to various factors such as fraud, lack of awareness, inappropriate documentation, and an imbalance in the insurance sector. The rise of the Pakistani middle class and a shift towards more educated investments have only exacerbated this issue.Despite the numerous measures imposed by the IRDA, a comprehensive solution to this problem seems out of reach. Although initiatives such as the introduction of KYC (Know Your Customer), prohibition of third-party payments, and fixing accountability for distributors have been implemented, they have not yet completely resolved the underlying issues.Lack of financial know-how and awareness has also led to issues such as data theft and fake calls posing as IRDA, which remain commonplace. At Insurance Solution, we have accepted the challenge of addressing these obstacles for our clients. Our goal is to ensure that your case is handled with utmost professionalism, following proper protocols, and your life insurance complaints are resolved