Question: Anita's life insurance policy in India allows revival within 3 years from the date of the first unpaid premium. The first unpaid premium was due on 18th of July 2021 and Anita applied to revive the policy on 20th May 2024. According to the policy terms, how many days before the revival period expired did Anita submit her request?
Answer: The policy allows revival within 3 years from the date of first unpaid premium. Since the first unpaid premium was due on 18th of July 2021 and the revival period ends on 18th of July 2024. Therefore, Anita applied for revival on 20th May 2024, which is 59 days before the revival period expired.

Supporting evidence:
title: elpee.co.in/2024_09_05_-_IRDAI_Master_Circular_on_Protection_of_Policyholders_interests_2024_(2).pdf
quote: A lapsed policy can be revived during the period specified in the policy document
context: - d) summary of exclusions which policy does not cover,
cancellation till the date of refund. This penal interest is without prejudice to any other penalty that may be levied by the Authority for non-compliance.
- b) Such interest shall be paid suo-moto by the insurer.

3 Lapse and revival of the insurance policy

1. Where the insured do not make the payment of premium within the grace period, the policy will lapse. Policy lapse is a situation where insured can no longer avail the benefits and coverage provided under a policy.
2. A lapsed policy can be revived during the period specified in the policy document. For revival of the policy, the policyholder have to pay the unpaid premiums, along with interest or a late fee, and may be required to submit a health declaration or undergo a medical examination, depending on the terms and conditions of the policy.
4. Digilocker
The policyholder has an option to store the soft copy of the policy document in Digilocker.

1 Payment of premium

- i. Insurance policy will remain in-force and continue to offer the coverage as indicated in the policy as long as the policyholder pays the premium as specified in the policy.
- ii. To avail the benefits of an insurance policy, the policyholder must pay premium on or before due date throughout the premium payment term subject to the grace period, as applicable.
- iii. Premium shall be paid only to the account of the insurer. It can be paid either directly to the insurer or through its authorized distribution channel.
- iv. Insurer/authorized distribution channel shall issue valid premium acknowledgement immediately.

2 Grace Period for payment of premium:

- i. Grace Period is the additional time given for payment of premium after the due date, without any penalty or late fee. It is available in other than single premium policies.
- ii. Grace period from the due date of premium is:
3. o Fifteen days where premium is paid in monthly instalments; and
4. o Thirty days where premium is paid in quarterly/half-yearly/annual instalments.

2 Grace Period for payment of premium:

, 1 = iii. During the grace period, the policy is considered to be in-force and the r isk cover continues without any interruption as per the terms and conditions of the policy.. 3, 1 = Service request a. During the term of the policy, Policyholders can change the details already provided to the insurer such as address, contact details, nomin