When does it make sense to revive a life insurance policy?4 min read 19 Aug 2020, 10:18 PM IST
A company usually allows revival of a policy during the reinstatement period (two-five years), retaining the financial benefits
Having a life cover, especially in these times, is inevitable. Any individual who has financial dependants and liabilities must always remain covered
India’s largest life insurance company, Life Insurance Corp. of India (LIC), last week rolled out a campaign for policyholders to revive their lapsed policies with an aim to encourage the continuation of risk covers in the current high-risk environment. Other than launching special campaigns, insurers typically allow policyholders to revive their policies up to two years (longer in case of some products) from the date of non-payment of the last premium. Disha Sanghvi asked experts when it really makes sense for policyholders to revive a lapsed insurance policy.
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