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Policy revival is two years from last unpaid premium

Pankaj Razdan

My brother paid his insurance premium for seven years and then went abroad in 2014. Since then he has not paid any premium. Is it possible to revive the policy?
Rahul Dwivedi
Revival or reinstatement of a policy post-non-payment of premiums depends on the type of policy and differs from product to product like term plans, endowment plans etc. Revival or reinstatement period is two years from last unpaid premium. Since, your brother has not paid the premiums for four years it is advisable for him to immediately check with his insurer and get the status of his policy. It is prudent for a person to be insured at all times and hence it is vital that your brother checks the status of his policy without any delay, and further ensure that he remains adequately insured.

What are riders in life insurance plan and which ones should I consider?
S Mohan
Life insurance riders are plans that offer additional benefits and coverage to a primary life insurance policy at a low premium. Some offer coverage against accidental death and/or disability while some offer risk coverage against critical illnesses. There are riders which wave off premium if you are unable to pay them. There are others that pay hospital cash, surgical cash, etc. The choice of a suitable rider solely depends on your needs.

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I had taken a housing loan for 20 years and a life insurance to cover the loan. After two years, I have repaid the full amount. Is the insurance still valid?
A K Anchal
The validity of your life insurance policy will depend on the product that you have opted for alongside your home loan. You should check with your insurer as well as your home loan provider regarding the status of your policy.

I will get lumpsum money after my retirement, what annuity plan should I buy. And will my family get back the entire money when I am not there?
Inderjeet Uppal
There are two options which may be suitable for you. First is lifetime annuity with return of purchase price wherein, you will receive the annuity until you are alive and on your death, purchase price will be paid to your nominee. Second is joint life annuity with return of purchase price. Here, you along with your spouse will receive the annuity amount till both are alive and post death of both, purchase price will be paid to the nominee.

(The writer is MD & CEO, Aditya Birla Sun Life Insurance and Dy. CEO, Aditya Birla Capital. Send your queries to fepersonalfinance@expressindia.com)