What is revival of Insurance Plicy




Definition: Insurance policy lapses when the insured defaults on the payments of renewal premium beyond a grace period. Insurance companies provide an option of reactivating the lapsed policy, within a specific period of time post the grace period. This period offered by the insurer to revive the policy and avail benefits pertaining to it is termed as revival period.

Description: During the revival period, the policy is reinstated on the basis of certain conditions. In one case, the policy holder needs to pay the interest along with the unpaid premium. In another case, the policy holder needs to undergo medical tests in order to reinstate the policy.

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