Revival of PLI Policy

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 How To Revive PLI Policy Online?

How To Revive PLI Policy Online?
What happens if you failed to pay a premium on the due date and even after the grace period.
Rules for Revival of PLI Policy:-
How can I revive my lapsed PLI policy?
PLI Policy Revival Procedure:-
PLI Revival Calculator:-
Check here Estimated Revival Amount:-
    Postal Life Insurance policy premium is due on the first day of the month, however, the premium can be paid upto last day of the month for which the premium is due or the day before the last day if the last day of the month falls on Sunday or postal holiday in cash or cheque in any Post Office in India or through Customer Portal https://pli.indiapost.gov.in.

Revival of PLI Policy

What happens if you failed to pay a premium on the due date and even after the grace period. 

    Before we discuss how to revive your lapsed PLI Policy. We understand some basic terms  for PLI revival rules when you check your policy online and its shows the policy status:-

 
 # Due date of the premium-  PLI policy premium due date is the first day of the month for which the premium is payable.

# Lapse policy status- PLI policy status lapses means a policy that is in existence for more than three years and the premium is unpaid for more than 12 months.

# Period of Grace-  PLI policy grace is extended up to the last day of the calendar month for which the premium is due or the day before the last day if the last day of the month falls on Sunday or a Postal holiday.


# Policy in Force or Active” means a policy for which all the due premia have been paid regularly and such policy has neither become ‘void’ nor ‘lapsed. 
 
 # Void status-  PLI Policy status void means a policy that is less than three years in duration and any premium(s) that have become due, not paid either on the first day of the month for which the premium is due or within the period of grace.

Rules for Revival of PLI Policy:-

 Before the revival of lapsed PLI policy, there are some rules for lapsation and revival related:-

(A) If Policy status is Void:- Means if the policy period is less than 36 months and the premium is not paid:- 
 
a) Policy for which any premium/premia have become due, not paid either on the first day of the month for which the premium is due or within the period of grace allowed as per Rule,( at the end of the month) the policy shall become void.

 
b) Policy-holder of a void policy can  reinstatement/deposit of his/her policy premium within a period not later than six months from the date of the first unpaid premium i.e maximum 6 months  unpaid premium can be deposited without formal revival process subject to continued insurability of the life at the time of payment of arrears, and for that, the insured person shall submit the declaration of good health application at Post Office Counter.

 c) Policy holder can deposit all the arrears of premium/premia till the date of payment along with interest thereon at the rates.

(x) If the premium has not been paid for more than 6 months then the revival process needs to follow as described below.

(B)  Policy status has Lapsed if the policy period is more than 36 months and premia is not paid:- 

a) In case of a policy period is more than 36 month and if any premium/premia have become due after such period, not paid either on the first day of the month for which the premium is due or within the period of grace allowed, the policy shall cease to be active and treated as lapsed. In such case need to follow the revival process as given below (b).

 b) However, if policyholder of a policy that has become inactive/lapsed (Premium not paid upto 12 Months) desiring reinstatement/revival of his/her policy within a period not later than twelve months from the date of the first premium remain unpaid,  can deposit all the unpaid/due of premium/premia up to date of payment  plus with interest thereon at the prescribed rates in the Post Office specified for the purpose of payment of premia in respect of such policy after submission of self-declaration of good health.

 

    (x) If the premium has not been paid for more than 12 months (in case the policy is in force for more than 36 months)  then the revival process needs to follow as described below.

         So In case the policy premium is unpaid more than 6 months (A) above or unpaid premium more than 12 months (B) above i.e. x above. Policyholder needs to visit the Post office with the below-given documents for a formal revival of his policy.


The important documents like the revival application form, and medical certificate form for the revival of PLI policy is required for the revival of a lapsed policy is given below:-

 

The summary of the above revival procedure for PLI Policy  is here for easy understanding:-

 

PLI Revival procedure

 

# How to Calculate PLI Policy Revival Amount Online:-


You can check your lapsed PLI/RPLI policy revival amount online, through your Customer Portal.Step-1 Login to the PLI customer portal  and click on tools and utilities

Step-2 Click on the Revival calculator. It will show the policy eligible for revival only here. 

Step-3  Selet the lapsed Policy and click on Get quote 


Here it will show the:- Revival Quotation Date valid till

 Total Premium Amount

Interest Amount
 

 How can I revive my lapsed PLI policy?

     There are some important points to follow  to avoid the lapsation of your PLI policy and for the revival of lapsed PLI Policy:-

· Pay your premium within a month for the full benefit of insurance. To avoid any delay always set the standing instruction through IPPB mobile app

· If the premia are not paid for 6 months in case the policy is in the currency for 3 years (or) 12 months in case the policy is more than 3 years old, then the policy becomes void/lapsed. This needs formal revival to make it active.

The revival of a policy shall be allowed on any number of occasions during the entire term of the policy. 
 
 However, a period of consecutive 5(five) years should not have passed from the date of the first unpaid premium against such lapsed policy.

· a PLI Policy can be revived unless the said PLI policy has not attained the date of maturity and the life assured is insurable at the time of revival.

· You’ll need a certificate from a recognized medical professional, using the specified format, confirming that the person whose life is being assured is indeed eligible for insurance considering their health and lifestyle. This certificate should also verify that there have been no negative changes in their personal or family health history or their occupation.

·A policy shall not be considered to have been revived unless an application for that purpose has been made and until the policy has been formally revived in writing.

· For the revival of RPLI policies, the same rules apply.

· Revival amount can be deposited in a maximum of 12 installments.

· Revival quotes can be generated from any Post Office or online from the customer portal as the process is given below before submission of the revival request. You can calculate the revival amount through an online calculator from the PLI customer portal. 

PLI Policy Revival Procedure:-

If your policy becomes void or lapses the terms mentioned above (A) and (B). You have to follow the following steps:-
Step 1 :- Download the Revival application form and fill. Obtain the medical certificate from AMA in a prescribed format and witness from two respectable persons as mentioned at the back of the form.
Step 2:- Submit all these documents to the nearest Central Processing Centre ( Head Post Office) and obtain the receipt.
Step-3 Within a week you will receive a revival notification from CPC with the desired amount to be deposited. In case months have been changing since the issuance of the revival notice, next month’s premium with the additional need to deposit. Please visit to Post office and deposit the amount. Now your policy revives formal. Deposit your premium regularly.
Note:- If your policy acceptance date is 21.09.2019 onwards and the unpaid premium is more than 5yrs, you can not revive your PLI policy.

Also Read:- 

 # Documents required  for revival of PLI Policy:- 


a) PLI Reivial form- Revival Application Form.

b) Premium Receipt Book/ DDOs Certificate in casePay Policy.
 
d) Certificate from two respectable person  
 
e) In cases (A) & (B) above good health certificate is a simple declaration to submit at the Post Office counter while depositing the arrear premium.
 
 
Important Tips – 
 
– Always revive your PLI policy to avoid the loss of the premium paid and bonus. 
 
–  May pay the revival premium amount in installments.
 
–  Always paid the premium online or set the standing instructions to avoid the lapsation of your policy. 
 
–  If the premium unpaid is more than 5 yrs policy can not be revived.
 
–  may pay the premium yearly.
 
–   Always check the revival quote online before submitting the revival request to estimate the amount with interest to be paid.
 
 

PLI Revival Calculator:-  

Check here Estimated Revival Amount:- 

                          
Double click on Amount (if Can’t add Amount)
                                           👇
 
Read also:-

*Revival of pli policy clarification PLI Revival Medical Form PDF

FAQ:-

1. When do I need to revive my PLI/RPLI Policy?

A- If a premium is not paid for more than 6 months is policy is less than 36 months old. if the premium is not more than 12 months, if the policy is 36 month old, need formal revival.

2. What are the documents required for the revival of my Policy?

a) Revival Application form

b) Premium Receipt Book/ DDOs Certificate in Pay Policy

c) PLI Policy Revival Medical Certificate – Medical Certificate for the revival of PLI and witness from two respectable persons.

3, My Policy get lapsed, is there a benefit to reviving my Policy now?

A- Revival of PLI policy is always beneficial especially when your policy is old due to the high bonus rate earlier.

4. Can I pay my revival amount in Installments?

A- Yes you can contact to post office for installment revival, however, in this case, you must ensure to pay all installments without failure.

5. Where can I deposit my Revival documents?

A- You can deposit your revival documents to any Head Post office in India irrespective of your original policy documents in any other Head Post Office.

 
 
6.  Where can I get a medical certificate for the revival of my policy?
 
A-You can get a medical certificate from any doctor from Govt. Hospitals/dispensaries/primary health centers or the doctors empaneled by PLI in the format prescribed back side of the revival form. 
 
7.  How many times i can revive my PLI policy?
 
A- The revival of a policy under Rule 58 shall be
allowed on any number of occasions
during the entire term of the policy.
 
8. After how may period I can revive my lapsed PLI policy?
 
 
A-  A period of consecutive 5(five)
years should not have passed
from the date of the first unpaid premium
against such lapsed policy.
 

3 thoughts on “Revival of PLI Policy”

  1. My policy premium is unpaid for the last 20 months ,can I revive ? There are two policies of 5 lakhs each . I am ready to pay the entire amount with interest

    Reply

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