Section 15 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
15. Revival of a discontinued Policy after lock-in Period.
(a)The policyholder can revive the policy, in accordance with sub-regulation (u) of Regulation 3. Where the policyholder revives the policy, the policy shall be revived restoring the original risk cover in accordance with the terms and conditions of the policy.(b)The insurer, at the time of revival:(i)shall collect all due and unpaid premiums under base plan without charging any interest or fee. The rider may also be revived at the option of the policyholders.(ii)may levy premium allocation charge as applicable. The guarantee charges may be deducted, if guarantee continues to be applicable.(iii)No other charges shall be levied.Chapter-VII Surrender Value, Top-up Premium, Partial Withdrawals and Settlement Options
