“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
|No. of days between date of revival and date of lapse of Policy||Late Payment Fee (in Rs.)|
|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:
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 firstname.lastname@example.org