Lapsation Revival

Your renewal premium should reach us by the due date specified in the premium reminders. It is always advisable to pay on time so that your valuable policy benefits can continue. However we do understand that there may be times when you may not be able to pay the renewal premium by the due date. Therefore we allow for some additional number of days from the due date, which is specified in your policy document, to help you make your premium payment.

In case we still don't receive your premium payments by the end of the above mentioned period, we would do either one of the following:

"Lapse" the policy - if you haven't paid premiums for the first 3 policy years. Make the policy "Paid up"- if otherwise

Either of these may mean loss/reduction of valuable benefits of your policy. Please refer to your policy document for details.

We do, however, allow you to restore the original benefits for a Lapsed or a Paid up policy under certain conditions. Here is what you would need to do:

• Please fill up Revival Request form and intimate it to your nearest branch
• On receipt we will send you the details of amount, that you will have to pay towards revival. This amount may include the outstanding premiums, revival interest and revival processing charges
• If your policy is lapsed or paid-up for more than six months or lapsed due to any reasons like illness, accidents etc. you may need to submit a Personal Health Statement
• If your policy is lapsed or paid-up for more than six months, you will need to submit an address proof and identity proof as per the Anti-Money Laundering (AML) Guidelines. (If not submitted earlier)
• If your policy is lapsed or paid-up for more than 1year and the outstanding premium is equal to or more than 1 lakh you may additionally need to submit an income proof.
• Please note that we reserve our right to impose some new terms and conditions at the time of revival decided on a case-to-case basis
• For more information, kindly contact us at any of the contact points mentioned below.