What does it mean when a life insurance policy is paid up?
A paid-up life insurance is a life insurance policy that is paid in full, remains in force, and you don't have to pay any more premiums. It stays in-force until the insured's death or if you terminate the policy. Paid-up life insurance is only an option for certain whole life insurance policies.
What is 65 life insurance policy?
The company offers three types of whole life insurance policies, with the difference being the period of time during which you pay for coverage: 65 Life: You pay level premiums until age 65, at which point coverage remains in place but there are no further payments.
What does paid up life mean?
While many people think paid-up life insurance is a type of policy they can purchase, it's actually a state or condition where your coverage is paid-in-full (fully funded) and you do not need to make any additional premium payments in order to maintain the policy.
How do I convert to paid up policy?
How to Convert a LIC Policy to a Paid-Up Policy? Suppose your policy tenure is more than 10 years and you have paid premiums for more than 3 years. In that case, your policy becomes paid-up automatically if you stop paying the premiums.