Revival of Lapsed Policies

Campaign for Revival of lapsed policies From 5/8/2013 to 31/10/2013

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

  • Policies under all type of plans are allowed.
  • Policies which are in lapsed condition for more than 6 months but less than 5 years from FUP as on 5/8/2013 will be eligible.
  • All policies issued through different distribution channels are eligible.
  • Anywhere revival of policies on the strength of without or with DGH/FMR is allowed.

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.

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