What is the procedure to revive a lapsed policy under CA-LE?
If the due premium is not received within the grace period the policy will lapse. The lapsed master policy can be revived within 2 years from the date of lapsation. For Revival of a lapsed policy, a new quotation will be generated with a new cover start date, which will be the revival date subject to acceptance of the risk. The members of the master policy will have to re-enter as new members for risk coverage. However, the accumulation of the fund will be continued without life cover/rider and the leave-encashment claims will be settled subject to the availability of funds.
