If you have a PLI policy and the premium remains unpaid for a long time, you should know the PLI revival rules carefully. Now Postal Life Insurance has revised the revival rules for lapsed policies. 

    Now you can revive your lapsed PLI policy within 5 years of its lapsation only. So be very careful if you have not paid the premium in your PLI policy in time.  The main clarification issued by the PLI is as under:- 

•  If the revival of a PLI policy under Rule 58 of POLI Rule-2011 shall be allowed on any number of occasions
  during the entire term of the policy including the relaxation given under Rules
  56(3) and 57(3) for reinstatement. However, a period of consecutive 5 (five)
  years should not have passed from the date of the first unpaid premium against
  such policy.”

• Postal Life Insurance has further clarified this rule that a restriction of 5 years shall not be applicable for
  policies issued prior to amendment of the said rule i.e amendment made in the note
  below Rule 58 of POLI Rule, 2011 notified through Gazette Notification no.
  25-1/2011-L (Part-II) dated 20.09.2019.

Revive your PLI Policy within 5yrs  

  If your policy acceptance date is 21.09.2019 onwards and the unpaid premium is more
than 5 years, you can not revive your PLI policy as per the above clarification. 

 It is important to revive your PLI policy in time. we have already examined the details revival process of your PLI Policy. Accordingly, you can check the detailed process and take action for the revival of your lapsed policy in time. Moreover, you can also revive your PLI policy and pay the revival amount in a maximum of 12 installments.