Waiver on Default Fee for Revival of Lapsed PLI/RPLI Policies until 31st August 2023

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The recent announcement by the authorities regarding a waiver on default fees for the revival of lapsed Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) policies. This initiative aims to provide policyholders with an opportunity to reinstate their lapsed policies without incurring any additional late fees. The waiver period will be in effect from 1st June 2023 to 31st August 2023.

Exemptions and Waiver Amounts: 

During the waiver period, the following exemptions will be applicable on the revival of lapsed PLI/RPLI policies:

Waiver on Default/Late Fee: 

The waiver will apply only to the default or late fee associated with the revival premium payment for lapsed PLI/RPLI policies. It's important to note that this waiver applies to policy revival, not reinstatement.

The maximum waiver limits for different premium ranges in a table format

Total Premium Receivable for all types of PLI/RPLI Policies on account of revivalConcession/Waiver in Late/Default FeeMaximum Limit of Concession/Waiver in Late Fee
Up to ₹1,00,00025%₹2,300 (excluding GST)
₹1,00,001 to ₹3,00,00025%₹3,000 (excluding GST)
₹3,00,001 and above30%₹3,500 (excluding GST)
  • Please note that the above figures represent the maximum waiver limits for each premium range and exclude GST.
  • This table provides a clear overview of the concession/waiver percentages and the corresponding maximum limits applicable to different premium ranges for revived PLI/RPLI policies.
  • Policyholders can refer to this table to determine the specific waiver amount they may be eligible for based on their premium range.
  • Remember to take advantage of this limited-time offer and revive your lapsed PLI/RPLI policy without incurring additional late fees before the waiver period ends on 31st August 2023.

Procedure for Availing the Waiver: 

To take advantage of this limited-time offer and revive your lapsed PLI/RPLI policy without incurring any additional late fees, follow these steps:

  1. Contact Your Local Postal Office: Reach out to your nearest Postal Office or designated PLI/RPLI center to initiate the revival process. They will provide you with the necessary guidance and support.
  2. Submit Revival Premium: Pay the revival premium for your lapsed policy within the waiver period of 1st June 2023 to 31st August 2023. Ensure that the premium payment is made before the deadline to avail the waiver on default fees.
  3. Obtain Relevant Documentation: Once the revival premium is paid, obtain the necessary documents and receipts related to the revival process. These documents will serve as proof of the waiver on default fees and ensure your policy is reinstated without any additional charges.

    Publicity and Education :

    All concerned circles, including Circle/Regional/Divisional/CPC levels, are requested to extensively publicize this waiver on default fees for the revival of lapsed policies. Use various channels such as melas, printed media, social media, pamphlets, notice boards, and printed messages on counter receipts to inform policyholders about this opportunity. The objective is to educate and sensitize policyholders about the benefits of reviving

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