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The Insurance Regulatory and Development Authority of India issues a clarification on the revival period for discontinued unit linked policies. The policyholder holds the right to revive the policy within two years from the date of discontinuance. This rule applies regardless of the end of the lock-in period. The circular applies to all life insurance companies. The change comes into force immediately on August 26, 2016.
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Circular
Ref No.: IRDA/ACTL/CIR/ULIP/174/08/2016
26th August, 2016
To
All the CEOs of the Life Insurance Companies
Re: Revival Option under discontinued Unit Linked Policies
In response to the representations received from the industry on the provisions of revival options under the IRDA (Treatment of discontinued linked insurance policies) Regulations, 2010 and subsequent guidelines issued thereon on October 13, 2011, the Authority, in exercise of powers conferred under Section 14(2) of the IRDA Act, 1999 issues this circular in the form of clarification on revival period applicable to policies issued pursuant to the above mentioned Regulations.
Para 2 of Section 2 of the Guidelines on IRDA (Treatment of discontinued linked insurance policies) Regulations, 2010 Ref: IRDA / LIFE / CIR / MISC / 235 / 10 / 2011 dated October 13, 2011 is substituted by the following:
Provided that the policyholder shall have the right to revive such policy within two years from the date of discontinuance irrespective of the end of lock-in period.
This circular comes into force with immediate effect.
(Pournima Gupte)
Member (Actuary)
[unclear in source]
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