PLI Policy Revival: How to Reactivate a Lapsed Postal Life Insurance Policy?

If you have missed paying the renewal premium for your PLI policy and the policy lapses, you can still revive it. India Post allows its eligible policyholders to revive their Postal Life Insurance policies after they pay the outstanding premiums and complete the other formalities.

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They are also required to submit a revival request along with a certificate of good health. However, the revival option is available as long as the policy fulfils the required criteria and is within the revival period.

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What is PLI Policy Revival?

The process of reviving a lapsed Postal Life Insurance policy is called PLI policy revival. With the revival, the policy returns to the active state and regains its benefits. A policyholder can file an application for revival if it falls under the provisions of the policy terms and conditions.

When Does a PLI Policy Become Lapsed?

A PLI policy does not lapse as soon as the premiums are skipped. The lapse period for this life insurance policy is as per its duration from the date of commencement:

Policies under 3 years - Lapses if premiums remain unpaid for six months
Policies older than 3 years - Lapses if premiums are unpaid for twelve months

When a policy lapses, the risk coverage is lost. Hence, the need for policyholders to start the process of revival as soon as possible.

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Can a Lapsed PLI Policy Be Revived?

Yes! India Post supports people to revive their lapsed PLI and RPLI policies only if it hasn’t been more than five years since the first unpaid premium. If it goes beyond that, then the revival won’t come into effect, and the policyholder may need to take alternative initiatives. As soon as the policy is revived, your PLI policy status changes to active.

You can easily check Postal Life Insurance policy status from its online website.

How to Revive a Lapsed PLI Policy?

The revival process can be completed through the post office where the policy is serviced.

Step 1: Acquire the revival application

Get access to the PLI revival application form via the site of India Post or ask for it from the nearest post office.

Step 2: Fill out necessary information

Mention the details of the policy number, information regarding the policyholder, address and other application details.

Step 3: Provide health certificate

A health certificate is usually required while reviving the policy. Hence, provide all health details correctly.

Step 4: Payment of overdue premiums

Pay the outstanding premiums plus the interest at 12% on an annual basis before the revival request is accepted.

Step 5: Submit completed application

Deliver the application form and required documents to one of the designated post offices of Postal Life Insurance.

Step 6: Verification of application

The authorities will verify the application, evaluate the documents and process the revival request.

Also read: Postal Life Insurance Online Payment

Why Should You Revive a Lapsed PLI Policy?

Revival is often better than taking a new policy, as reviving the current policy will have several benefits, including:

You get to keep the bonus accrued so far.
Insurance cover is activated.
The policy conditions remain the same.
The term is not started afresh.
There will be no loss of maturity benefits, and everything remains unchanged.
Older policies may also have better terms and conditions and higher bonuses.

What are the Conditions for PLI Policy Revival?

The following are needed for reviving a PLI policy.

All unpaid premiums should be paid.
Interest of 12% per annum should be paid.
A certificate of good health should be provided.
The policy is still in the revival period.
Application for revival should be completed and filed.

The revival request is processed only after the required documents and payments are verified by the concerned postal authorities.

What Documents Are Required for PLI Revival?

The following documents are required at the time of PLI revival:

The filled PLI Revival application form.
Policy details or policy number if available.
Identity proof.
Proof of residence, if required.
Declaration of health or health certificate.
Receipt of premium paid, if applicable.

The Postal Department may ask for more documents based on the status of the policy and duration.

Is PLI Revival a Good Option?

Yes, PLI revival is worth it because it brings back the benefits of the original policy. The person has to pay dues and provide required documents for reviving the policy. It is recommended that if your policy has lapsed, you start the revival process as soon as possible.

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FAQs

What to do if PLI is lapsed?

Ans: In case your PLI insurance policy lapses, you are required to file a revival application besides paying the overdue premiums, and also paying an interest of 12%. Also, if there is a revival period, a health certificate is also needed to be submitted at the time of the revival request.
What is revival in PLI?

Ans: Revival in PLI means bringing back the lapsed policy into active status through making payment of overdue premium and the relevant interest together with the completion of health formalities, as per the regulations.
How many times can a PLI policy be revived?

Ans: A PLI policy can be revived more than once, depending upon the fulfilment of conditions as stated by India Post in the five-year revival period.
Can I revive my lapsed policy?

Ans: Yes, you can revive your policy in case of less than five years between the last unpaid premium and the accomplishment of the above-mentioned requirements.
How can I revive my PLI policy?

Ans: In order to revive your policy, you must submit a complete and signed application form as well as the overdue premium and 12% interest, plus a health certificate for processing.

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