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Life insurance is very crucial in today’s world. It acts as a safeguard for your family, ensuring them with a sum assured amount in case of your death. You just have to choose a coverage plan and pay regular premiums. Non-payment of premiums can lead to a policy lapse.
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In such an event, all the policy benefits terminate and you or your family can no longer avail of them. However, most insurance policies have a renewal policy to reactivate the benefits of your policy. The renewal must be done within the revival period. This article aims to explore the policy revival period further in depth.
The revival period refers to the time span allowed by the life insurance company for the policyholder to reactivate their lapsed or dormant policy. If the policyholder fails to pay their premiums after the grace period, their insurance coverage and other benefits will terminate. However, the insurance company offers a chance to reinstate the policy during the revival period.
Term Plans
The revival period differs according to the policy's type and terms and conditions. To reinstate the policy, the policyholder will be liable to pay the unpaid premiums along with a fee, which is the interest on the unpaid premiums. Furthermore, some policies may require the policyholder to undergo another medical examination before the policy is reinstated. If the policy is not renewed within the revival period, then it will be terminated forever.
A revival period in a life insurance policy allows policyholders to renew their expired coverage for various reasons, such as missed payments, financial challenges, or misunderstandings about the payment schedule. The main purposes of a revival period include:
Continuation of Coverage
Renewing your policy before the renewal period ends helps ensure continuous protection by ensuring no gaps in coverage. This is particularly important given today’s uncertainty.
Benefit Preservation
A lapsed policy results in the loss of benefits, such as surrender value in life insurance or coverage in health insurance. The revival period allows policyholders to restore their policy and maintain their benefits.
Flexibility
It offers flexibility to those who may have missed payments due to unexpected situations or financial difficulties. The revival option ensures that temporary financial setbacks do not lead to the permanent loss of coverage.
Preventive Measure
The revival period reminds policyholders to manage their premium payments more effectively. Buying a new policy can be costlier if the initial policy is terminated.
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The grace period is the additional time offered by your insurer provider if you cannot pay your premium on time. It is given to ensure that the insurance policy does not lapse and that you cannot enjoy its benefits. Generally, insurers provide a grace period of 30 days; however, it differs from company to company and from policy to policy.
As mentioned before, the Revival Period is the period after the grace period during which you can reactivate your policy and its benefits.
Understanding the policy revival period is important for maintaining the value and benefits of your life insurance coverage. This period allows policyholders to reinstate their lapsed policies, ensuring continued protection and preserving benefits that would otherwise be lost.. The revival period serves not only as a safety net but also as a reminder to manage premiums proactively, reinforcing the importance of timely payments and financial planning in securing your family's future.
Note: You should also check the term life insurance benefits if you are planning to purchase the term insurance plan.
Note: You may also like to read about term insurance.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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