Section 11 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
11. Revival of a Discontinued Policy during lock-in Period.
(a)Where the policyholder revives the policy, the policy shall be revived restoring the risk cover, along with the investments made in the segregated funds as chosen by the policyholder, out of the discontinued fund, less the applicable charges as in sub-Regulation (b) 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 without charging any interest or fee.(ii)May levy policy administration charge and premium allocation charge as applicable during the discontinuance period. Guarantee charges, if applicable during the discontinuance period, may be deducted provided the guarantee continues to be applicable. No other charges shall be levied.(iii)Shall add back to the fund, the discontinuance charges deducted at the time of discontinuance of the policy.
