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Life insurance and pension products are long-term contracts, with periodic premium payment options. Timely premium payments are crucial. Missed payments can have adverse effects on insurance benefits. Policies could lapse or change to paid-up status and may achieve a low surrender value.

Timely renewal is just as important for non-life insurance policies.

A missed renewal for motor insurance can result in the lapsation of policy, loss of no claim bonus and a need for vehicle pre-inspection when entering a new motor insurance policy.

Similarly, non-renewal of health insurance can result in discontinuation of the health insurance cover. Continuity benefits will likely be revoked for covered individuals, including but not limited to loss of accumulated bonuses, pre-existing disease-related cooling period, illness-specific waiting period, etc.

Capvirgo provides reminders and follow-up for the renewal premium payments.