If a premium is in default beyond the Grace Period and policy is not surrendered for its cash value, policy may be reinstated, at company’s discretion, within a no. of years after the due date of the premium in default, subject to:
Written application for reinstatement, along with payment of all overdue premiums with interest
Insured’s Current health certificate and other evidence of insurability as may be required
Repayment or reinstatement of any indebtedness outstanding at the due date of the premium in default plus interest.
Re-dating of a life insurance policy
There is a process called redating in the insurance company. This forms part of the revival process but the customer is not expected to pay the outstanding premiums.
Redating allows the customer to continue with policy by pushing both the start date of policy by the number of months they are in arrears hence also pushing the maturity date ahead.
A 10 year policy that started on the 1st of Jan 2010 and was to mature on the 1st of Jan 2020 Lapsed/ stopped paying in December 2015.
On revival by redating, the customer came in January 2018. Since the policy had paid for 5 years, the insurer will assume that the policy started in Jan 2013 to keep policy up to date. The policy will now be up to date but the maturity date moves ahead to Jan 2023.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.