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  • News From Press DYK: You have more time to revive your lapsed unit-linked insurance plan

    DYK: You have more time to revive your lapsed unit-linked insurance plan

    Source: Livemint Sep 1, 2016

     

    In a notification dated 26 August, the Insurance Regulatory and Development Authority of India (Irdai) clarified that you can revive a lapsed unit-linked insurance policy (Ulip) within 2 years of lapse, regardless of the lock-in period.

    LOCK-IN PERIOD IN ULIP

    Ulips come with a lock-in period of 5 years, which means you cannot liquidate your policy for the first 5 years. However, you can choose to stop paying premiums during this period. The insurer will then give you a grace period of 30 days to pay the premium, after which it will send a notice in 15 days and give you another 30 days to pay.

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