Every time, before your premium due date, ICICI Prudential will send you a premium reminder with the premium amount and due date. After this due date, if you would not pay the premium, there will be a grace period, for which you will receive another mail. If you don’t pay the premium within the grace period, your policy will be cancelled, and the amount till now (paid premium), will be accumulated by insurer and might be settled by cheque (depending on the terms & conditions of the policy).
The world ‘Revival’ means ‘To bring back to life.’ If a policyholder forgets to pay his premium on the due date, his risk cover will continue till the grace period (As specified in the policy term and conditions). If the premium is still not paid during grace period than the policy will be lapsed and the insurance cover to the policyholder will be cancelled.
The restoration of a lapsed policy to in-force status. Revival or reinstatement can only occur after the expiration of the grace period. The company may require evidence of insurability (and, if health status has changed, deny revival or reinstatement), and will always require payment of the total amount of past due premium.
A policy which is no longer in force due to non-payment of the premium due.
What is the procedure to revive a lapsed policy?
The standard procedure to revive a lapsed policy is –
- Submit a request letter and Personal Health Declaration Form to revive (with all the details of your policy) to any ICICI Prudential Life branch (with a photocopy of your policy)
- Branch will calculate the balance premium plus interest till date from the date of lapse
- If the policy have been lapsed less than six months, it can be revived by paying the premium along with the applicable interest charges.
- If the policy have been lapsed for more than six months, the life assured would once again have to go through medical tests.
- Pay the revival amount in cash or cheque
At the time of revival, the insurer might impose lots of conditions or even decline your request for a policy revival, if the company is not convinced about the honesty of your application on grounds of suspected fraud or the like. It can be very likely that the insurer will ask you to appear for a medical test before the policy can be revived to ascertain whether you have developed a new medical condition during policy lapse that might expose the insurance company to a high risk in insuring your life.