Steps To Revive Lapsed HDFC Life Policy

HDFC Life Insurance, a leading life insurance company offers a bunch of life insurance plans to its policyholders. With HDFC Life insurance plans, policyholders can easily meet their needs for protection and secure the life of their dependents in the best possible way. Most of the HDFC Life Insurance plans come at affordable premiums and thus are a preferred choice of customers. To keep their HDFC Life insurance policies active, policyholders need to pay life insurance premiums on time. If the policyholder fails to do so, it results in the life insurance policy lapse. If you have missed paying the life insurance premium on time for your HDFC life insurance plan and the policy has lapsed, then listed below are the things you need to do to revive it. 

Why Does HDFC Life Insurance Policy Lapses

In general, when as a policyholder you stop paying the premium incurred on your life insurance plans, then the HDFC Life Insurance plan will lapse. And thus, in this case, the insurer, here HDFC Life Insurance will no longer be liable at all to provide life insurance coverage. Moreover, there is a grace period also given to policyholders during which the policy can be revived. Generally, the grace period is between 15-30 days and depends on the insurer. If the policyholder fails to pay the due premium even during the grace period, then the policy will lapse and needs to be revived. 

How to Revive A Lapsed HDFC Life Insurance Policy

The revival of your HDFC Life Insurance policy depends on how long your premium has remained unpaid. The more you delay reviving your life insurance policy, the more difficult it will become for you to revive the life insurance policy. The process to revive the lapsed policy is referred to as ‘Reinstatement’ in life insurance. Generally, the HDFC Life insurance policy can be reinstated within 5 years since the premium has remained unpaid. 

To reinstate your HDFC life insurance policy, you need to do the following:

• First, speak to your insurer about the reinstatement. 
• The insurer may ask you to submit proof of your policy papers and certain other documents to get the process started. The insurer may even ask you to undergo health examinations to assess your health condition. 
• After the documents have been verified, you need to pay all the unpaid premiums along with the revival charges.
• It is only after the due charges have been paid and your health condition has been assessed that HDFC Life Insurance will finally revive your lapsed policy. After this, you will be able to enjoy all the coverage benefits that you were earlier entitled to with your HDFC Life insurance plan. 

A List of HDFC Life Insurance Plans

Here is a list of the top life insurance plans that HDFC Life offers, you can easily purchase a desired life insurance plan with HDFC Life. 

• HDFC Life Sanchay PAR Advantage: The HDFC Life Sanchay PAR Advantage is a life insurance plan that helps to secure the future of your family and helps them lead an uncompromising life even after the death of the policyholder. This plan offers coverage till the age of 100 years and provides survival and maturity benefits.

• HDFC Life Sanchay Plus: The HDFC Life Sanchay Plus plan is a non-participating, non-linked, savings insurance plan. The HDFC Life Sanchay Plus plan comes in three different variants so that a desired plan can be picked by the policyholder.

• HDFC Life ProGrowth Plus: The HDFC Life ProGrowth Plus plan provides a death benefit and both accidental death benefits to policyholders.

• HDFC Life ClassicAssure Plus Plan: The HDFC Life ClassicAssure Plus Plan offers a flexible policy term of 10, 15, or 20 years. You can also get tax benefits with the HDFC Life ClassicAssure Plus Plan. With the HDFC Life ClassicAssure Plus Plan, you can get both maturity and death benefits.

• HDFC Life Smart Woman Plan: The HDFC Life Smart Woman Plan as the name suggests is a specially designed life insurance plan for women. This is an insurance cum investment plan that provides additional coverage for pregnancy complications that are associated with women. 

Take Away

So, you can easily revive your lapsed life insurance policy by following the above-mentioned steps. You can also speak to the insurer in case you need further assistance about your lapsed life insurance policy.

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