Revival of a Policy definition

Revival of a Policy means restoration of the Policy, which was discontinued due to the non-payment of Premium, by the Company with all the benefits mentioned in the Policy document, with or without rider benefits, if any, upon the receipt of all the Premiums due and other charges/late fee, if any, as per the terms and conditions of the Policy, upon being satisfied as to the continued insurability of the insured/Policyholder on the basis of the information, documents and reports furnished by the Policyholder;

Revival of a Policy means restoration of the policy by the insurer, which was discontinued due to the non-payment of premium, with all benefits, with or without rider benefits if any, mentioned in the policy document, upon the receipt of all the premiums due and other charges if any, as per the terms and conditions of the policy, upon being satisfied as to the continued insurability of the policyholder on the basis of the information, documents and reports furnished by the policyholder. Grace Period3. The grace period for payment of the premium for all types of linked insurance policies shall be as follows:-i. Fifteen days, where the policyholder pays the premium on a monthly basis;ii. Thirty days, in all other cases. Options of a policyholder upon discontinuance of the policy4. A policyholder shall be entitled to exercise one of the following options upon the discontinuance of the policy: (i) Revival of the policy, or(ii) Complete withdrawal from the policy without any risk cover. Obligations of the insurer for revival of the policy5. Where a policy is discontinued, the insurer shall take the following steps to enable the policyholder to exercise the option as available in terms of regulation 4: (i) Send a notice within a period of fifteen days from the date of expiry of grace period to such a policyholder to exercise the said options within a period of thirty days of receipt of such notice.Provided that where the policyholder does not exercise the option within the stipulated period of thirty days, the policyholder shall be deemed to have exercised the option mentioned at sub-regulation (ii) of regulation 4.Explanation: The fund value of the policy shall be part of the segregated fund chosen till the policyholder exercises his/her option or till the expiry of thirty days of notice period which ever is earlier. During this period the policy is deemed to be inforce with risk cover as per terms and conditions of the policy. (ii) Where the policyholder exercises the option to revive the policy, the risk cover along with investments made in the segregated funds, less applicable charges as per the terms and conditions of the policy, shall be continued. Obligations of the insurer upon complete withdrawal of the policy6. (1) Where the policyholder exercises the options available at sub-regulation (ii) of Regulation 4 or does not exercise the option available in terms of the proviso to sub- regulation (i) of regulation 5, the fund value of the policy shall be credited to the discont...

Revival of a Policy means restoration of the Policy, which was discontinued due to the non-payment of premium, by the Company with all the Benefits mentioned in the Policy Document, with or without rider Benefits if any, upon the

Examples of Revival of a Policy in a sentence

• The benefits payable during the waiting period are as defined in Part C Section 1.1. Waiting period is not applicable In case of Revival of a Policy.

• The benefits payable during the waiting period are as defined in Part C Section 1.1. Waiting Period is not applicable in case of Revival of a Policy.

• The Company shall add back to the fund, the Discontinuance Charges, if applicable, deducted at the time of discontinuance of the Policy.x On Revival of a Policy, discontinued after Lock-in Period, Premium Allocation Charges will be deducted before allocating the balance amount to the Unit Account.

• The treatment of withdrawal of Surrender request in the Lock-in-period is the same as Revival of a Policy where premium is Discontinued.In case of Surrender during the Lock-in-period or premium Discontinuance during the Lock-in-period, You can revive the Policy by paying overdue premiums within two years from the Date of Discontinuance.

• Revival of a Policy discontinued after the Lock-in Period (reduced paid-up policy) If you choose to revive the Reduced Paid-up policy, the policy can be revived restoring the original risk cover in accordance with the terms and conditions of the policy.

• We note that the definition for sustained interruptions is greater than three minutes in the UK and the current IEEE standard17 defines a sustained interruption as being greater than five minutes.

• The benefits payable during the waiting period are as defined in Part C Section 1.1.Waiting period is not applicable In case of Revival of a Policy.

More Definitions of Revival of a Policy

Revival of a Policy means restoration of the policy by the insurer, which was discontinued due to the non-payment of premium, with all benefits, with or without rider benefits if any,