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What to Do After the Grace Period Ends?
Most insurers allow revival within a specified period, typically within 5 years from the date of the first unpaid premium, subject to the policy conditions.
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The Grace Period vs. The Revival Period: A Crucial Distinction
The Revival Period - This begins immediately after the grace period ends, during which the policy becomes inactive. It’s your chance to reinstate coverage by paying all overdue premiums along with any applicable interest or late fees. The duration of this period is substantial. Most insurers allow up to two consecutive years from the date of the first missed premium to revive your policy as per IRDAI guidelines.