Reinstatement is the process by which a life insurance company puts back into force a policy that has either been terminated because of non payment of premiums or has been continued under one of the non forfeiture provisions
Conditions of Policy Revival:
- Payment of outstanding premium with interest
- Fee for reinstatement
- Proof of continued good health & income
- No increase in Risk cover
- Within time frame - in India within 5 years from the date of Lapse
- Payment of outstanding loan
- Fresh medical examination may be required if SA is large
Revival is more often advantageous because buying a new policy would call for a higher premium based on age on the date of revival
No comments:
Post a Comment