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The world 'Revival' means 'To bring back to life.'
In cash of LIC 'Revival' is required when a policy gets
lapsed if the premium is not paid within the grace period
(minimum 1 month if mode of payment is Yly/Hly/Qly and
15 days if mode is monthly). If a policy gets lapsed
it can be revived any time within 5 years from the date
of first unpaid premium. The lapsed policies can be
revived under the following 5 different schemes.
Ordinary Revival: under this scheme a policyholder
can revive his/her lapsed policy by paying all the balance
unpaid premiums (from the date of 1st unpaid premium)
in lumpsum with interest @existing rate. 'Declaration
OF Good Health (DGH)'in from no. 680 and medical report
(if necessary) is required.
Special Revival: if the policyholder or L.A.
is unable to pay all the premiums in lumpsum his policy
can be revived scheme by which the date of commencement
will be shifted and he will have to pay only one premium
according to age (on the time of revival). DGH and medical
report (if necessary) are also required. The following
condition are to be satisfied under special Revival
scheme;
- Special Revival can be done only once during the
policy term.
- Special Revival is allowed within 3 year of lapsation.
- Policy should not have acquired any surrender value.
Instalment Revival: in cash of the policyholder
is unable to pay all the unpaid premiums in lumpsum
and special Revival scheme also doesn't suit him, he
can use this scheme to revive his policy. Under this
scheme he can revive his policy by paying the following
amount immediately:-
- In the yearly mode of payment, half of the yearly
premium
- In the half-yearly mode of payment, one half yearly
premium
- In quarterly mode of payment, 2 quarterly premium.
4 in monthly mode of payment, 6 monthly premium.
Rest of unpaid premium is to be paid in installments
within two year along with the regular premium DGH and
medical report (if necessary) are required according
to the policy term.
Survival Benefut-cum-Revival scheme:-
money-back type policy can be revived by using the survival
Benefit (S.B.) whish falls due in it, in cash of the
S.B. due amount, the date is earlier then the date revival.
If the revival amount is more then the S.B. amount,
the remaining amount will be given back to the policyholder.
The S.B. amount, requirements for revival and S.B. settlement
are to be satisfied.
Loan - cum -Revival Scheme:-
A policy can be revived by taking a policy loan in cash
of the policy acquires the surrender value on the revival
date. The policyholder can get the loan on the basis
of premium paid by him up to the revival date. If there
is any shortfall in the revival amount, the policyholder
will have to pay it. If the revival amount is less then
the lone amount the remaining will be paid back to the
policyholder.
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