I) Options available for policies purchased on or after 1^st July 2010 and before 18^th February 2013. (please refer your policy documents for further details)

On non-payment of premium for the policy, the following options are available and the policy is deemed to be in force with risk cover as per terms and conditions of the policy:

A. Revive the policy within 2 years from the date of discontinuance OR

B. Withdraw the policy without any risk cover

If the policy holder does not revive the policy, then:

• The policy will continue for a period of two years during which it can be revived.

• The risk cover will continue and the money will remain invested in the fund(s) chosen by the policy holder.

• All policy servicing options like Fund Switch, Partial Withdrawal, etc. will be available till the end of the revival period of 2 years.

• The Mortality Charge (if any), Fund Management Charge and Policy Administration Charge will continue to be deducted from the policy.

• If the policy is not revived within the revival period, the proceeds will be paid out as per the prevailing regulations at the end of revival period.

• If the policy has any outstanding loan at the time of payout, we will deduct the outstanding loan amount plus the accrued interest on the loan, before the payout of proceeds. After the payment of the benefit, the policy will terminate and no further benefits will be payable under the policy.

• During this revival period of two years, the option to withdraw/surrender the policy is available.

II) Options available for policies purchased on or after 18^th February 2013 and before 10^th July 2019. (please refer your policy documents for further details)

On non-payment of premium before completion of five years, the following options are available:

1. Revive the policy within 2 years from the date of discontinuance OR

2. Withdraw the policy without any risk cover.

Policy holder needs to inform us of the choice as mentioned above at [email protected] or any HDFC Life branch before a given timeline informed at the time of such instance of non-payment. If the same is not informed to us, then the policy will be discontinued and:

• The fund value/policy account value will be transferred to the ‘Discontinued Policy Fund’ which will earn a minimum guaranteed rate of interest, as specified by the IRDAI from time to time. A Fund Management Charge of 0.50% p.a., charged daily, will be levied on the “Discontinued Policy Fund”.

• The amount allocated to the Discontinued Policy Fund along with the accrued interest will be paid as per the applicable regulations to the person entitled to receive the same on completion of the lock-in period of 5 years.

• For policies where two year revival period is not completed at the end of the lock-in period, payout would be processed at the end of the lock-in-period or revival period, whichever is later.

If policy holder chooses to revive the policy (option A as mentioned above), then revival period of 2 years from the date of discontinuance will apply.

• Upon policy revival the risk cover is restored, the funds are invested back into the market and the regular policy charges as mentioned in your policy document apply.

• In case policyholder opts to revive but does not revive the policy during the revival period, the proceeds of the discontinued policy fund shall be paid to the policyholder at the end of the revival period or lock-in period whichever is later.

If policy holder chooses to withdraw the policy (option B as mentioned above), then payout would be processed at the end of the lock-in-period.

Once proceeds from a discontinued policy are paid out, the policy terminates and no further benefits are payable under the policy.

On non-payment of premium after completion of five years, the following options are available. During this period the policy is deemed to be inforce with full risk cover as per terms and conditions of the policy:

1. Revive the policy within 2 years from the date of discontinuance.

2. Withdraw the policy without any risk cover.

3. Convert the policy into a Paid up policy, wherein the policy will continue at a reduced life cover based on the premiums paid, as per the applicable terms and conditions of the policy.

Policy holder needs to inform us of the choice as mentioned above at [email protected] or any HDFC Life branch before a given timeline informed at the time of such instance of non-payment. If the same is not informed to us, then:

• The policy will be considered for deemed withdrawal and the proceeds will be paid out as per prevailing regulations.

• NAV applicable will be as of date of discontinuance.

If policyholder chooses to revive the policy (option A as mentioned above), then revival period of 2 years from the date of discontinuance will apply.

• The risk cover will continue and the money will remain invested in the fund(s) chosen by you.

• All policy servicing options like Fund Switch, Partial Withdrawal, etc. will be available till the end of the revival period of 2 years.

• The Mortality Charge (if any), Fund Management Charge and Policy Administration Charge will continue to be deducted from the policy.

• During this revival period of two years, the option to withdraw/surrender the policy is available.

• If the policy is not revived within the revival period or if you choose to withdraw the policy, the proceeds will be paid out as per the applicable regulations and terms and conditions of policy.

• Once proceeds from a discontinued policy are paid out, the policy terminates and no further benefits are payable under the policy.

If policy holder chooses to convert the policy into a Paid-up policy (option C as mentioned above), the Sum Assured will reduce proportionately i.e. reduced to an amount equal to the original Sum Assured multiplied by the ratio of premiums paid to the premiums payable as per the terms and conditions of the policy. A Paid-up policy will continue as per the policy terms and conditions and charges shall continue to be deducted.

III) Options available for policies purchased 10^th July 2019 Onwards. (please refer your policy documents for further details)

On non-payment of premium before completion of five years, the following options are available:

A. Revive the policy (means restoration of the policy, which was discontinued due to the non-payment of premium) within 3 years from the date of the first unpaid premium OR

B. Surrender the policy which means complete withdrawal or termination of the policy.

Upon expiry of the grace period, in case of discontinuance of policy due to non-payment of premium, the fund value after deducting the applicable discontinuance charges, shall be credited to the discontinued policy fund and the risk cover and rider cover, if any, shall cease.

Policy holder needs to inform us of the choice as mentioned above at [email protected] or any HDFC Life branch before a given deadline informed at the time of such instance of non-payment. If the same is not informed to us, then:

• The policy shall continue without any risk cover and rider cover, if any, and the policy fund shall remain invested in the discontinuance fund. At the end of the lock-in period, the proceeds of the discontinuance fund shall be paid to the policyholder and the policy shall terminate.

In case policyholder opts to revive but does not revive the policy during the revival period, the proceeds of the discontinued policy fund shall be paid to the policyholder at the end of the revival period or lock-in period whichever is later.

• In case of revival period ending after lock-in period, the policy will remain in discontinuance fund till the end of revival period. The Fund management charges of discontinued fund will be applicable during this period and no other charges will be applied.

If the policy holder surrenders the policy, proceeds of the discontinued policy shall be payable at the end of lock-in period or date of surrender whichever is later

• Once proceeds from a discontinued policy are paid out, the policy terminates and no further benefits are payable under the policy.

On non-payment of premium after completion of five years, the following options are available:

1. Revive the policy within 3 years from the date of discontinuance OR

2. Complete withdrawal of the policy

Upon expiry of the grace period, in case of discontinuance of policy due to non-payment of premium after lock-in period, the policy shall be converted into a reduced paid up policy with the paid-up sum assured i.e. original sum assured multiplied by the total number of premiums paid to the original number of premiums payable as per the terms and conditions of the policy. The policy shall continue to be in reduced paid-up status without rider cover, if any. All charges as per terms and conditions of the policy may be deducted during the revival period. However, the mortality charges shall be deducted based on the reduced paid up sum assured only.

Policyholder needs to inform us of the choice as mentioned above at [email protected] or any HDFC Life branch before a given deadline informed at the time of such instance of non-payment. If the same is not informed to us, then:

• The policy shall continue to be in reduced paid up status. At the end of the revival period the proceeds of the policy fund shall be paid to you and the policy shall terminate.

• In case you opt to revive the policy, but do not revive your policy during the revival period of 3 years, the fund value shall be paid to the policyholder at the end of the revival period.

• In case you choose to surrender the policy, proceeds of the policy fund shall be payable.

Requirements for revival of the policy are mentioned below –

If policy is in Lapsed/Paid Up/Discontinued Fund status for less than 6 months:

1. Outstanding Premium(s)

2. Reinstatement Charges (if any)

If policy is in Lapsed/Paid Up/Discontinued Fund status for more than 6 months:

1. Outstanding Premium(s)

2. Revival Charges (if any)

3. Revival Form & quote

4. Personal Statement of Health (PHS), COVID Questionnaire And Medicals* will be called for basis the Policy Terms & Conditions

*Based on the details provided in the Personal Statement of Health form and Policy Terms and conditions, the Life Assured may have to undergo medicals.

You may visit the nearest HDFC Life branch for revival of the policy.
Click here to locate the nearest HDFC Life branch.

NOTE: IRDAI circular no IRDA/F&A/CIR/GLD/056/02/2014 mandates that all claim / maturity payments / other sum due to the policyholders shall be made only through electronic modes of payment. Kindly submit duly filled NEFT mandate form along with necessary documents at your nearest HDFC Life branch.