A non-contact, in-situ and non-invasive technique for health monitoring of submerged fiber reinforced polymers (FRP) laminates has been developed using ultrasonic guided waves. A pair of mobile transducers at specific angles of incidence to the submerged FRP specimen was used to excite Lamb wave modes. Lamb wave modes were used for comprehensive inspection of various types of manufacturing defects like air gaps and missing epoxy, introduced during manufacturing of FRP using Vacuum Assisted Resin Infusion Molding (VARIM). Further service induced damages like notches and surface defects were also studied and evaluated using guided waves. Quantitative evaluation of transmitted ultrasonic signal in defect ridden FRPs vis-à-vis healthy signal has been used to relate the extent of damage in FRPs. The developed technique has the potential to develop into a quick, real time health monitoring tool for judging the service worthiness of FRPs.