When guiding our client through this procedure, it is advisable that they have their lic policy number and personal policy details ready. We ensure safely restoring coverage entails online lic policy revival.
 

Key aspects of Policy revival:-

    1.    Grace period: 
Most insurance policies contain a grace period. This typically lasts between 15 and 30 days, allowing the policyholder to pay the outstanding premium without any additional fees. If the premium remains unpaid after this duration, it will lead to insurance lapse.
 
    2.    Revival Period:
Revival conditions typically come into play after the grace period, generally lasting six months to two years based on the insurer and policy specifics.

    3.    For policy reinstatement, the following conditions need to be met:
    •    Payment of Arrears: The insured individual is required to clear all outstanding premiums upon life insurance renewal; this usually includes an additional amount as interest or penalty.
    •    Health Declarations: An insurer may demand a new health declaration to establish the policyholder's health status. In some cases, this might involve a medical examination— especially for a considerable period if a life insurance policy lapse.
    •    Revival Form: The policyholder is supposed to complete a specific form that acts as an application for life insurance renewal; this is usually provided by the insurer upon request from the policyholder.
    •    Documentation: There might be additional documentation required with regard to insurability. Proof of insurability is an example of what might be demanded as part of such documentation.

    4.    Types of life insurance renewal;
    •    Ordinary Revival- Simply paying the premiums with interest.
    •    Special Revival- The insurance company might allow the policy to be reinstated with changes to its terms or benefits.
    •    Loan Cum Revival- The policyholder has the option to take a loan against the cash value of the policy to cover the premiums.
 

Steps for revival of lic policy :

    1.    Contacting the Insurance Company:
It is advisable for your client to reach out to their insurer to get an understanding of the process and requirements for revival of lic policy.

    2.    Completing Required Forms:
Make sure to acquire and fill out the revival application form that is provided by the insurance company. You can also fill the lic revival form online.

    3.    Submitting Documents:
Ensure that all requested health declarations, medical reports or any other additional documentation required by the insurer are provided.

    4.    Settling Outstanding Payments:
Make arrangements to settle all premiums along with any interest or penalties as calculated by the insurance company.

    5.    Medical Checkup:
If necessary, arrange and complete any checkups.

    6.    Confirmation of Policy Reinstatement:
Once all criteria are satisfied the insurance company will proceed with the reinstatement request. Make sure your client receives a confirmation of the lic policy being reinstated.