After the end of the 60-day grace period, you can expect the following to happen if we do not receive your regular premium payment within the time periods below:
During the first 24 months of your policy, your policy will end. If there is any value in the accumulation units account, we will liquidate those units and pay the amount to you in your policy currency.
From the 25th month onwards till the end of the 10th policy year, your policy will continue. However, we will deduct a premium shortfall charge on the missed regular premiums during this period. This is in addition to the initial account charge that will be deducted from your policy.
From the 11th policy year onwards, your policy will continue. No premium shortfall charge will be imposed when regular premium payments are missed. We will however continue to deduct the applicable charges and fees such as the initial account charge.
At any point in time (from the 25th month), if your policy value drops below S$1 (or equivalent in your policy currency), your policy will lapse.