Need A Financial Product › Forums › Insurance › What is a policy Revival? › What-is-a-policy-Revival_REPLY

September 30, 2014 at 7:48 am #47625
Sameer Kapoor
Participant

The dictionary meaning of the word, ?revival? is ?to bring back to life?. In case of LIC ?Revival? is needed when a policy get lapsed if the premium is not paid within the grace time of minimum 1 month (minimum 1 month if mode of payment is yearly, half yearly and quarterly and 15 days if the mode is monthly). If anyhow the policy gets lapsed. Then the policy is can be revived anytime within the period of five years from the period of first unpaid premium FUP. There are five different types of revival.