Revival Period In Life Insurance
In case of non-payment of premium on the due date or during the grace period provided, the life insurance policy will lapse. The policyholder can revive the life insurance policy during the revival period that starts after the grace period ends. Usually the life insurance policy has a revival period of 2 consecutive years since the policy has been lapsed. Under the revival period the policyholder can revive the life insurance policy by making the due premium payment along with applicable charges.
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What Is The Revival Period Under Life Insurance Policy?
Your life insurance policy lapses when you are not able to make regular premiums payments or renewal premium payment beyond the given grace period. Your insurance provider will provide you an option to reactivate the lapsed life insurance policy within a specific time period after the grace period ends. The time period offered by the life insurance company to revive the life insurance policy is known as ‘Revival Period.’
During the revival period, the life insurance policy can be reinstated on the basis of certain terms and conditions which may vary from one life insurance company to another.
How to Revive a Lapsed Life Insurance Policy?
You can revive your lapsed life insurance within the revival time period provided by the life insurance policy. The process to renew your life insurance policy is as mentioned below:
- Revival within 6 months from the date of policy lapse: If you want to apply to revive your life insurance policy within 6 months from the date it got lapsed, the process will be simple. You can easily revive your life insurance policy by contacting the insurance provider and making the overdue premium payments with interest. You can also choose to revive your life insurance policy from the official website of your life insurance provider.
- Revival after 6 months from the date of policy lapse: In case it has been more than 6 months from the date when your life insurance policy lapses, you apply for revival and pay the overdue premiums along with interest which is fixed by the insurance provider. Penalty shall also be levied depending on the terms and conditions of the insurance provider. In some cases, the revival of your life insurance policy depends on the discretion of the insurance company. The insurance company can increase the premium or ask you to undergo medical tests in order to assess your present health condition.
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