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Beshak Insurance dictionary

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Policy Revival
Term Life Insurance

Insurers give opportunities to you to become Ekta Kapoor (a soap opera producer)

You have a grace period after your policy expires if you don’t pay a premium on the due date. In case you don’t pay the premium during this grace period, then your policy turns dead or technically lapses. Insurance companies provide an option to revive your expired policy even after its grace period with all the benefits intact for a certain time window.

All you have to do is:

  1. Apply for the revival to the insurance company.
  2. Pay all the premium, overdue and due with a late fee, other charges and
  3. Provide proof that gives comfort to the insurer that you continue to be in good health. The proof can include a written declaration. Insurers can request a medical checkup or submission of medical reports.