In case the Policyholder has not paid the premium by the expiry of the grace period, he/she will have the following options: to revive the Policy within a period of 2 years from the date of discontinuance, or to completely withdraw from the Policy without any risk cover, or to convert the policy into paid-up policy (available only on discontinuance after completion of the 5 policy years) If you do not communicate to us on the above options, the following treatment will be applicable Discontinuance before completion of 5 years from commencement of the policy: Fund Value less applicable charges will be moved to ‘Discontinued Policy Fund (DPF)’.The proceeds from DPF will be paid out upon the completion of the lock-in period. Discontinuance on and after completion of the 5 years from commencement of the policy: Fund Value will be paid out to you. You have the option to revive a discontinued policy within two consecutive years from the date of discontinuance of the policy, subject to payment of all due & unpaid premiums and our underwriting policy.
In case the Policyholder has not paid the premium by the expiry of the grace period, he/she will have the following options: to revive the Policy within a period of 2 years from the date of discontinuance, or to completely withdraw from the Policy without any risk cover, or to convert the policy into paid-up policy (available only on discontinuance after completion of the 5 policy years) If you do not communicate to us on the above options, the following treatment will be applicable Discontinuance before completion of 5 years from commencement of the policy: Fund Value less applicable charges will be moved to ‘Discontinued Policy Fund (DPF)’.The proceeds from DPF will be paid out upon the completion of the lock-in period. Discontinuance on and after completion of the 5 years from commencement of the policy: Fund Value will be paid out to you. You have the option to revive a discontinued policy within two consecutive years from the date of discontinuance of the policy, subject to payment of all due & unpaid premiums and our underwriting policy.