Revival Period

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REVIVAL PERIOD If you do not pay premium during the grace period, your policy gets lapsed. However, if you wish to continue the policy, you are given an option of re-activating your lapsed policy. However, the re-activation process must be completed within a specific period of time after the grace period ends. This period is known as a revival period. The revival period in insurance is the time frame after a policy lapses during which the policyholder can reinstate it. The length of the revival period varies from insurer to insurer, but it is typically one to two years. To revive a lapsed policy, the policyholder must pay all of the missed premiums, plus interest. The insurer may also require the policyholder to undergo a medical exam, depending on the type of policy and how long it has been lapsed. There are several reasons why a policyholder might want to revive a lapsed policy. For example, they may have experienced financial hardship and were unable to make their premium payments. Or, they may have realized that they need the coverage again, such as if they have gotten married or had a child. It is important to note that reviving a lapsed policy may not be possible if the policyholder's health has changed significantly since the policy was issued. For example, if the policyholder has developed a serious medical condition, the insurer may deny the revival request. In case of death of the Life Insured during the Revival Period in a life insurance policy, no benefit is payable to the Nominee. If you are considering reviving a lapsed policy, it is important to contact your insurance company to discuss your options. They can explain the revival process and let you know what information and documentation you will need to provide. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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