Missed your term insurance premium? Here's what happens to your policy, claim, and life cover - The Economic Times

Missing a term insurance premium does not immediately cancel coverage. A grace period allows payment, and nominees receive benefits if death occurs. Unpaid premiums after the grace period cause the policy to lapse, stopping life cover. Lapsed policies can be revived within five years, often requiring health checks.

Raccontata daeconomictimes.indiatimes.com