Timely and regular renewal premium payments for your policy will ensure that your life insurance policy always stays active, and you can continue to avail all the benefits of the policy as may be applicable such as life insurance cover, critical illness cover, disability benefit, bonus additions etc.
If premiums are not paid within the due date and the grace period applicable, the policy shall lapse, and the life insurance cover shall stand withdrawn. Life insurance claims are only payable for active life insurance policies. Hence, it is critical that premiums are paid by the payment due date and the policy remains active till the end of the policy term.
The policy renewal date of your life insurance policy is the date when you need to pay your policy premium. Depending on your premium payment frequency, you would have to pay the premium every month, every three months or at the end of every year for each year of the premium payment term. The details of the premium due date, the frequency of payment and the premium payment term are mentioned in your life insurance policy document. You can also access your premium payment due date, frequency and premium payment term by logging on to your ICICI Pru Life website account or ICICI Pru Life App.
The grace period for making the premium payment is the additional time provided for renewal of your life insurance policy post the premium payment due date. The applicable grace period depends on the payment frequency and type of policy. It usually ranges between 15 to 30 days post the due date.
If you have missed paying the premium on or before the premium payment due date, you can avail of the grace period to pay the premium without attracting any interest penalty and without any loss of life insurance cover. The details are explained in your life insurance policy document.
Once the grace period is over and the policy premium remains unpaid, the policy lapses and the policy benefits, including the life insurance cover cease, thereby defeating the primary purpose of purchasing the life insurance policy. You can revive your life insurance policy and reinstate policy benefits by following the necessary stipulated process such as payment of late payment charges, submission of personal health declaration, evidence of insurability in the form of income proof, undergo medical examination or any other additional requirement that maybe applicable.
A life insurance policy typically lapses due to non-payment of premiums within the grace period specified in the policy terms. Currently the grace period as per the premium payment frequency is as follows.
Premium payment frequency Grace period
Monthly 15 days
Other than monthly 30 days
* The above is subject to change as per applicable guidelines
If your life insurance policy lapses, due to non-payment of premiums, your life insurance cover shall cease:-
  • In Term/Health insurance policy no benefits would be payable unless specified in the policy terms and conditions
  • In Unit linked Insurance and Savings Life insurance policies, depending on the number of premiums paid till the time of lapsation, reduced benefits may be payable as per the terms and conditions of your policy. Please refer to your policy document for the specific terms applicable to your policy
The renewal or revival process of your life insurance policy depends on the type of policy you have and the terms and conditions of your policy. Generally, there are two ways to renew your life insurance policy: Auto revival and manual renewal.
Auto revival-
When you pay your premiums on the due date or during the grace period, your policy automatically gets renewed and no further action is required to keep your policy active.
Manual renewal-
  • This is when your policy is not automatically renewed, and you must take some action to renew it. Insurers typically allow 3 to 5 years to reinstate the policy manually after it has lapsed due to non-payment of premiums
  • To reinstate your policy, you shall need to submit a personal health declaration form to the insurer. The form requires you to declare your current health conditions and provide confirmation that your health conditions have not changed after purchase of the policy
  • In certain scenarios the life insurance company might also require you to submit evidence of insurability in the form of income proof, undergo medical examination along with the payment of outstanding premiums and interest / late payment charges and any other additional requirement that maybe applicable towards revival of the policy. If your health has deteriorated, the Company may require you to undergo medical evaluation including the decision to charge you additional amount as premium, reduce term of the policy, reduce coverage or even deny reinstatement
  • It is absolutely critical that all information pertaining to your health and income are truthfully and correctly disclosed including disclosure of all material facts for a smooth and hassle-free claim settlement for your nominee in the event of any unfortunate event
You can initiate the process of reviving your ICICI Pru life insurance policy by paying the due premium and submitting a health declaration.
2 simple steps to revive your policy:
Submit evidence of insurability in the form of income proof, undergo medical examination or submit additional requirements/documents as maybe required for assessment of your case. You will be contacted by our customer care team for the same. Once you have completed all the requirements from your side, your policy reinstatement decision will be communicated to you within 6 days.
Process of revival

Revival or reinstatement of a life insurance policy is equivalent to revival of a contract between you and the Company. Hence, the process of revival of a life insurance contract is equivalent to the same process of evaluation as is required to be followed at the time of purchasing a new policy.
Depending on the type of life insurance policy, the age of the person insured by the policy (Life assured)and the life insurance cover (sum assured), the Company may ask for a personal health declaration, evidence of insurability in the form of income proof, undergo medical examination along with the payment of outstanding premiums and interest / late payment charges and any other additional requirement that maybe applicable towards revival of the policy.
Our medical service provider will contact you to schedule an appointment. Alternatively, you call us on 18602667766. Payment for medical tests will have to be paid by you at time of revival.
You can call us on 18602667766 or write to lifeline@iciciprulife.com. The status of the request can also be viewed on our login section of our website, www.iciciprulife.com >> Customer Login> Transactions section> service Inbox.
Policy reinstatement is similar to purchasing a new policy. Hence, when a life insurance policy is being reinstated it is being re-evaluated for the life insurance risk being covered. If the health condition of the policyholder has deteriorated post the policy lapsing, the premium shall be revised accordingly to cover the additional risk being borne by the Company, reduce term of the policy, reduce coverage including the possibility of denial of reinstatement.
There are times when individuals encounter unexpected financial situations that make them falter on making premium payments by the due date or within the grace period. The Company offers a second chance to revive/reinstate the policy by making payment of interest / late fees, to help you continue with the policy and get full benefits under it subject to health conditions remaining unchanged.
If the reinstatement request is denied, the policy shall remain lapsed and coverage shall not be applicable. Based on the reasons given for refusal of reinstatement, you may need to explore alternative life insurance plans that offer coverage based on your existing health conditions and income.
The terms of the reinstated policy, including premium amount and life coverage, are often similar to the original terms, but these may vary based on the evaluation of your health and financial status at the time of revival.
You have chosen to buy a life insurance policy with the primary purpose of protecting your family’s financial future in the event of an unfortunate and untimely death or disability. By renewing your life insurance policy, you ensure that your family members and loved ones continue to be financially protected. Reinstatement ensures that your life coverage continues without interruption. The advantage of reinstatement compared to purchasing a new policy is that in case your health hasn’t changed, the insurer shall allow continuance of the policy with the original premium as was charged under the policy and not the revised premium as is done with the increase in the age. The premium amount payable for a particular sum assured / life cover increases with increase in age.
It is in your best interest to keep your life insurance policy active so that the family is financially protected in case of an unforeseen event. However, there may be emergency situations, due to which, you may not be able to renew your life insurance policy. Depending on your policy type, there are alternate options available.
  • Loan : Avail a loan on your Life insurance policy (Savings/Endowment)
  • Cover Continuation Option (certain types of ULIP Policies- , With this feature you can continue to enjoy all the policy benefits and life cover without paying any future premium. You can restart premium payment at any time

These features are designed to help you sustain the policy till maturity while availing of liquidity to meet emergency financial requirements or manage premium payments in the event of any short-term cash flow challenges.

A feature called 2-year extension is also available in most of our plans. This feature enables you to keep your life insurance policy active and provides you with the option to renew your life insurance policy within 2 years of your last premium due date.
Kindly refer to the life insurance policy document terms and conditions to know the exact features of your life insurance policy.


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