Insurance companies usually have two to three years after the grace period to get the policy revived..
Everyone tries to pay the insurance policy premium on time, but sometimes it gets missed. Policy lapse is not done only by not depositing premium till the fixed deadline. If we cannot deposit the premium of the policy even during the grace period, then the policy lapse. Although the lapsed policy can be revived.
2 to 3 years after grace period (2 to 3 years after grace period expiry)
Insurance companies usually have two to three years after the grace period to get the policy revived. This time is known as revival period. Your policy document contains this information. If your policy has lapsed, then your effort should be to restart the policy within the revival period.
Payment and Penalty
If you want to resume a lapse policy, then you have to pay the premium for all those years since it was lapsed. Also keep in mind that for not paying the premium, a penalty has to be given by the company.
Medical check-up required in some cases
Declaration of good health is enough for revival in most of the cases, but in some cases medical check-up is necessary in the prescribed medical center.
Revived Policy A new policy
Keep in mind that the revived policy becomes a new policy. The insurance company can put new conditions in it. On getting a new policy document, it should be read carefully.
Policy revival camp
– Make the policy operational again, it is more economical than buying a new policy.
– Insurance companies also run a policy revival camp from time to time.
– Their purpose is to encourage people to revive the lapsed policy.
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