It has been decided to launch a Campaign for revival of lapsed policies from 5/8/2013 to 31/10/2013. This campaign will help us to reduce the lapsation ratio, improve the conservation ratio and also improve the club membership. This campaign will also help agents to improve their persistency ratio.
The following terms and conditions are prescribed for this Campaign:
A) Eligibility of policies
B) Concession in late fee
If policyholder submits the revival requirements and pay all arrears of premiums, then concession in total late fee under each policy will be allowed on the basis of total amount of receivable premium as given below
Total prem. amount %age of concession in late fee l Maxi. amount of concession allowed
Upto Rs. 1,00,000 20% Rs. 1,000
From 1,00,001 to 3,00,000 25% Rs. 1,500
From 3,00,001 and above 30% Rs. 2,000
Concession in late fee will be allowed for all type of revivals.
Concession will be allowed to all policies irrespective of whether concession in late fee was availed earlier or not.
In case of any shortfall of interest (late fee) after allowing the concession in late fee, x-charge can be created as per present rules.
Concession in late fee will also be allowed under policies where no evidence of health will be required.
c) Revival Requirements
Regular Revival (Health) requirements will be called as per sum to be revived.