Get the free (Revival of Lapsed Policies on both Medical & Non-Medical basis)

F. NO. 680 (Rev. 680) Date of Receipt (Established by the Life Insurance Corporation Act, 1956) PERSONAL STATEMENT REGARDING HEALTH Inward No. (Revival of Lapsed Policies on both Medical & NonMedical

How to fill out revival of lapsed policies

How to fill out revival of lapsed policies?

1. Gather necessary information: Start by collecting all the relevant information and documents related to the lapsed policy. This may include the policy number, policyholder's name, contact information, and any supporting documents.
2. Contact the insurance company: Reach out to the insurance company from which the policy lapsed. You can usually find their contact information on their website or by calling their customer service helpline. Inform them about your intention to revive the lapsed policy and inquire about the required process and documentation.
3. Understand the revival requirements: Each insurance company may have different requirements and procedures for policy revival. Ask the insurance company about the specific requirements you need to fulfill in order to revive the policy. This may include submitting a revival application form, paying any outstanding premiums, and providing any necessary medical information.
4. Complete the revival application: Obtain the revival application form from the insurance company, either via email or their website. Fill out the form accurately and provide all the requested information. Make sure to double-check the form for any errors or missing information before submitting it.
5. Submit the necessary documents: Along with the revival application form, the insurance company may require additional documents such as proof of identity, address proof, and medical certificates. Make photocopies of these documents and attach them with the revival application form as per the instructions provided.
6. Pay any outstanding premiums: If there are any outstanding premiums on the lapsed policy, inquire about the amount and modes of payment. This could be in the form of a lump sum payment or through installments, depending on the insurance company's policies. Ensure to clear any pending premium payments to revive the lapsed policy.
7. Wait for confirmation: Once you have submitted the revival application form and completed all the necessary requirements, wait for confirmation from the insurance company. They will review your application and documents, and if everything is in order, they will process the revival of the lapsed policy.

Who needs revival of lapsed policies?

1. Policyholders who missed premium payments: People who have missed paying their insurance premiums within the grace period may have their policies deemed as lapsed. Reviving the lapsed policy allows them to reinstate their coverage and avoid losing the benefits associated with it.
2. Individuals with valuable insurance policies: Some insurance policies, such as whole life insurance or term plans with accumulated benefits, may hold significant value. Reviving a lapsed policy allows the policyholder to retain the financial protection, savings, or investment benefits associated with the policy.
3. Those who want to continue their coverage: Reviving a lapsed policy is beneficial for individuals who still require financial protection or have a need for the policy's benefits. It allows them to continue with the existing coverage rather than starting afresh with a new policy, which might have different terms, conditions, or increased premiums.

Remember, the process and requirements for revival of lapsed policies can vary between insurance companies. It's essential to contact the specific insurance company that holds your lapsed policy to get accurate and personalized information on how to revive it.

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What is revival of lapsed policies?

Revival of lapsed policies is the process of reinstating an insurance policy that has lapsed due to non-payment of premiums.

Who is required to file revival of lapsed policies?

The policyholder is required to file for the revival of lapsed policies.

How to fill out revival of lapsed policies?

To fill out the revival of lapsed policies, the policyholder needs to contact the insurance company, pay any outstanding premiums, and provide any required documentation.

What is the purpose of revival of lapsed policies?

The purpose of revival of lapsed policies is to allow policyholders to reinstate their coverage without having to apply for a new policy.

What information must be reported on revival of lapsed policies?

The policyholder must report their policy number, the reason for lapse, any outstanding premiums, and any changes in personal information.