Several benefits are offered for policies revived during campaign period.
- Concession in late fee
- Concession in submitting the health requirements (Medical reports)
Eligibility of policies for revival under this scheme
- Policies which are remaining in lapsed condition for a period more than 6 months from FUP(First Unpaid Premium) is eligible for revival.
- Micro Insurance plans, ULIP (Unit Linked Insurance) policies etc are not eligible.
- Policies which are in lapsed condition during the premium paying term and not completed policy term as on date of revival only will be eligible.
Concessions in Late fee during revival campaign period
- 25 % concession in late fee subject to a maximum of Rs.5000
- Concession in late fee will be available for all types of revivals including SB-Cum-Revival, Loan-cum-revival and instalment revival.
- Concession in late fee will be available even if evidence of health is required ie Spot revival.
Concession in Health Requirements during Revival Campaign period.
Medical requirements (medical reports and special medical reports) which are otherwise required while reviving a policy will be waived subject to following conditions.
- Premium under the policy has been paid for at least full 5 years and age of the life assured is less than 45 years.
- If age near birthday is above 45 years, revival will be done as per existing under writing guide lines.
Exclusions for granting concession in health requirements.
- Term Assurance plans not allowed
- High risk plans not allowed
- Policies issued with term rider
- Policies issued with critical illness rider
Concessions for Health Insurance plans
- For plans 901(Health Plus) and 902 (Health Protection Plus) Only arrears of premium without any evidence of good health are required for revival.
- Jeevan Arogya (Table 903) and LIC’s Jeevan Arogya (Table 904) can be revived with 20% rebate in interest subject to a maximum of Rs.1500. However Medical reports are to be submitted as per existing rules.
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