By 121 News
Chandigarh 02nd November:- Tata AIA Life Insurance today announced the launch of 'Revive', an initiative to reinstate lapsed insurance policies. As part of the scheme, customers will be given waivers on health certificate and interest for selected lapsed policies (subject to underwriting exclusions and other terms and conditions of the policy). The offer will be valid till November 30, 2016.
Often, for a number of reasons, policy holders cannot pay their premiums even after the grace period. The inevitable happens and the insurance policy gets lapsed. Once lapsed, the policy will not provide any benefit or coverage to the consumers, exposing them and their loved ones to financial risks. This is an undesirable scenario dreaded by most policy holders. Tata AIA understands the inconvenience the lapse can cause customers, since sometimes they may fail to pay the premium due to unavoidable circumstances.
In order to protect their customers, Tata AIA Life, through the Revive initiative, will reinstate lapsed policies with premium due from January 1, 2012 with the subject to terms and conditions of the offer. As a mark of its commitment towards its loyal customers, the company has extended the offer even to those policy holders who have not paid their premium after 4th policy year.
Commenting on the Revive campaign, Amitabh Verma, Chief Operating Officer, Tata AIA Life said that revival of life insurance policy is like extending a helping hand for policyholders to safeguard their families financially along with the benefit of no additional premium cost. It is an opportunity for all those who were unable to pay their premium on the due date. The initiative is a part of our endeavours to reduce the protection gap in the country and simplifying processes for better customer experience.
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