A neighbor of mine bought an LIC policy last year to provide financial security for her family. But, she hadn't paid even the three instalments, when she had to go abroad for an urgent assignment for her company.
In all this hustle bustle of her professional life, she totally forgot her premium due dates and missed her grace periods. She came back to India after three months, remembered about her policy and went to her local office to deposit the due payments.
Her policy had lapsed and she had to pay extra charges to revive it back. Charges that could have been easily avoided.
In fact, It's far too common for subscribers to forget their premium due dates. Many of them miss the grace periods too, and their policies end up lapsing. This can be easily avoided if you regularly check your lic status and keep a close tab on your due dates.
Earlier, getting these details meant you going to LIC branch office or getting in touch with your agent. You may have had to stand in a long queue as well.
But thankfully, LIC has changed all that...