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- Insurance Policy Revival
Revival of Policy
“Revival” means “To bring back to life”. Reviving your lapsed policy is now much easier with Policy Revival Scheme.
Lapsed policy can be revived under below scheme:
1. A Lapsed Policy or a Policy under Reduced Paid Up Mode can be revived as per Underwriting Policy, within the Revival Period
- On receipt of Your written request to Revive the Policy by Us;
- If You produce an evidence of insurability of Life Insured at Your own cost which is acceptable to Us; and
- On payment of all overdue Premiums (along with the applicable taxes, cesses and levies, if any) to Us with late fee as on the date of Revival as may be determined by Us from time to time. Currently the applicable late fees are as below:
| No. of days between date of revival and date of lapse of Policy | Late Payment Fee (in Rs.) |
|---|---|
| 0-60 | Nil |
| 61-180 | RBI Bank Rate + 1% p.a. compounded annually on due Premiums |
| >180 | RBI Bank Rate + 3% p.a. compounded annually on due Premiums |
The ‘RBI Bank Rate’ for the financial year ending 31st March (every year) will be considered for determining the revival late fee (applicable for Traditional policy only).
2. The Revival of the Lapsed Policy or a Policy under Reduced Paid Up Mode will take effect only after We have approved the same in accordance with Our Underwriting Policy and communicated Our decision to You in writing. All original benefits such as Death Benefit and Maturity Benefit which were originally payable will be restored on such Revival. However, no interest shall be payable by Us on such restoration.
3. If a Lapsed Policy is not Revived within the Revival Period, this Policy will terminate without value, on the expiry of the Revival Period.
4. If a Policy under Reduced Paid Up Mode is not Revived within the Revival Period then, the Policy under Reduced Paid Up Mode cannot be revived and will continue to be under Reduced Paid Up Mode for the remaining part of the Policy Term.
5. For the avoidance of doubt, the Policy cannot be Revived beyond the Policy Term
6. In addition to the Revival provisions stated above, You may also be eligible to avail of one or more of the following revival schemes to revive Your Policy:
- Reduction in the Sum Assured: You may be eligible to revive Your Policy by reducing the Sum Assured. Please contact Us for details on whether You are eligible for this revival scheme and, if so, the extent to which the Sum Assured can be reduced, the total amount required to be paid by You to revive the Policy and the applicable terms and conditions for utilizing this revival scheme;
- Reduction in the Premium Payment Term: You may be eligible to revive Your Policy by reducing the Premium Payment Term. Please contact Us for details on whether You are eligible for this revival scheme and if so, the extent to which the Premium Payment Term can be reduced, the total amount required to be paid by You to revive the Policy and the applicable terms and conditions for utilizing this revival scheme;
- Special Revival Schemes: We may also introduce special revival schemes from time to time which are available for a particular period. Please contact Us for details on whether such revival scheme is available and, if You are eligible for the same, the total amount required to be paid by You to revive the Policy and the applicable terms and conditions for utilizing such revival scheme.
7. We may, from time to time, at Our sole discretion, introduce new revival schemes or modify or terminate existing revival schemes. Please contact Us for details on 1860 120 5577 or Write to us at service.helpdesk@maxlifeinsurance.com
