Presentation.pptx Revival of a Insurance

It is on the topic revival in insurance

1. REVIVAL OF INSURANCE

2. Meaning of Revival Revival” means “To bring back to life”. Reviving your lapsed policy is now much easier with Policy Revival Scheme. Lapsed policy can be revived under below scheme: 1. A Lapsed Policy or a Policy under Reduced Paid Up Mode can be revived as per Underwriting Policy, within the Revival Period.

3. What is a Lapsed Life Insurance Policy? A  life insurance policy  is considered lapsed when the premium is not paid within the grace period, which typically extends 15 to 30 days from the due date. When a policy lapses, the policyholder loses all benefits and coverage provided by the policy.

4. Understand the Grace Period. Contact Your Insurance Company. Review the Policy Terms. Pay Outstanding Premiums. . Provide Required Documentation. Medical Examination (if required) Reinstatement Approval. Pay any Additional Charges. How to revive lapsed life insurance plans?

5. Purpose of revival period A revival period is used in insurance to give policyholders a chance to renew their expired coverage. This can happen for various reasons such as forgetting to pay, financial hardship, or misunderstanding the payment schedule.The key purposes of a revival period are:Coverage Continuation

6. Examples : Ordinary revival policy : In this policy insurance get lapsed revived by paying the arrears of premium along with due amount of interest. Special revival scheme : In this scheme date of commencement policy is changed. It is shifted the date of revival policy. Instalment of revival scheme: Under this scheme, options of premium payment can be exercised to revive the policy.

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