{"id":3344,"date":"2023-09-09T15:38:49","date_gmt":"2023-09-09T10:08:49","guid":{"rendered":"https:\/\/www.insurancesamadhan.com\/blog\/?p=3344"},"modified":"2023-09-09T15:41:27","modified_gmt":"2023-09-09T10:11:27","slug":"what-to-do-when-policy-lapses-reinstatement-process","status":"publish","type":"post","link":"http:\/\/www.insurancesamadhan.com\/blog\/what-to-do-when-policy-lapses-reinstatement-process\/","title":{"rendered":"What to do when policy lapses: Reinstatement Process"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/what-to-do-when-policy-lapses-reinstatement-process\/#The_Principle_of_Utmost_Good_Faith_in_Insurance_and_Section_45_of_the_Insurance_Act\" >The Principle of Utmost Good Faith in Insurance and Section 45 of the Insurance Act<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/what-to-do-when-policy-lapses-reinstatement-process\/#Renewing_and_Reinstating_Insurance_Contracts\" >Renewing and Reinstating Insurance Contracts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/www.insurancesamadhan.com\/blog\/what-to-do-when-policy-lapses-reinstatement-process\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"The_Principle_of_Utmost_Good_Faith_in_Insurance_and_Section_45_of_the_Insurance_Act\"><\/span><b>The Principle of Utmost Good Faith in Insurance and Section 45 of the Insurance Act<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Insurance is a contract of utmost good faith, where the insurance company accepts the risk on your life based on the details given in the proposal form. These declarations are accepted in utmost good faith by insurance companies, and they promise to pay the claim in case the insured event, i.e., death, happens.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if death occurs within 3 years of policy commencement, then Section 45 of the Insurance Act applies, and it is the duty of the insurance company to investigate such cases with the purpose of finding out if all correct declarations were made in the proposal form.<\/span><\/p>\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/stage.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Insurance Samadhan\" width=\"500\" height=\"70\" border=\"0\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Renewing_and_Reinstating_Insurance_Contracts\"><\/span><b>Renewing and Reinstating Insurance Contracts<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Insurance is also a renewable contract where the insured promises to pay a renewal premium as per the agreed terms. Premium can be paid in monthly, quarterly, half-yearly, or annual mode. If you have chosen a monthly mode, then you are allowed a 15-day grace period to pay the premium; in all other modes, a 30-day grace period is allowed. Hence, it is necessary that the renewal premium is paid within the grace period because the contract lapses after the grace period.<\/span><\/p>\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/stage.insurancesamadhan.com\/assets\/img\/contact.png\" alt=\"Insurance Samadhan\" width=\"500\" height=\"70\" border=\"0\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">This lapsed contract can be reinstated within 6 months or as per the policy of the insurance company. However, there is a process of reinstatement as detailed below:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Visit the local branch or apply for online reinstatement.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance companies demand a declaration that there has not been any change in your health and habits. Once again, all declarations are important and should be done with honesty.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Post-reinstatement, the contract once again becomes valid as a new contract, and Section 45 becomes applicable, which means that all claims will be investigated if the insured event occurs within 36 months of reinstatement.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This clearly means that insured people have a risk of claim rejection every time they go for reinstatement. All renewal premiums must be paid on time to sustain the validity of the contract.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Please note that a valid contract guarantees a claim after 36 months of policy commencement or reinstatement as per the provisions of Section 45.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The suicide clause, i.e., death due to suicide, is not acceptable within 12 months of a new contract or reinstatement.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-3345\" src=\"https:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/Policy-Lapses.png\" alt=\"Reinstatement Process \" width=\"1920\" height=\"1080\" srcset=\"http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/Policy-Lapses.png 1920w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/Policy-Lapses-300x169.png 300w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/Policy-Lapses-1024x576.png 1024w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/Policy-Lapses-150x84.png 150w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/Policy-Lapses-768x432.png 768w, http:\/\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/Policy-Lapses-1536x864.png 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Avoid reinstatement by paying the renewal premium on time and follow the guidelines in case you need to go for reinstatement:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensure that you fill out the declaration form.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make all honest declarations; do not take it casually.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Take your self-medical at the time of reinstatement and keep it in your record.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Insurance is a good habit because it tells your loved ones that you are a responsible person and continue with the habit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In case of any questions on reinstatement and claims post-reinstatement, reach out to Insurance Samadhan. We are there to help you.<\/span><\/p>\n<p><a href=\"https:\/\/www.insurancesamadhan.com\/register?utm_source=organic&amp;utm_medium=blog&amp;utm_campaign=blog_post&amp;utm_term=blog_term\"><strong>Click here<\/strong><\/a>\u00a0to register your complaint with Insurance Samadhan<\/p>\n<p>You can also<\/p>\n<p>Visit our website:\u00a0<a href=\"https:\/\/www.insurancesamadhan.com\/\">insurancesamadhan.com<\/a><\/p>\n<p>Call us on +91 9513631312<\/p>\n<p>WhatsApp:\u00a0<a href=\"https:\/\/api.whatsapp.com\/send?phone=+919910998252&amp;text=Hi\">\u00a09910998252<\/a><\/p>\n<p>Mail us at\u00a0<a href=\"mailto:corporate@insurancesamadhan.com\">corporate@insurancesamadhan.com<\/a><\/p>\n<p><script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\/\",\n  \"@type\": \"Article\",\n  \"mainEntityOfPage\": {\n    \"@type\": \"WebPage\",\n    \"@id\": \"https:\/\/www.insurancesamadhan.com\/blog\/what-to-do-when-policy-lapses-reinstatement-process\/\"\n  },\n  \"headline\": \"What to do when policy lapses: Reinstatement Process\",\n  \"description\": \"Discover the reinstatement process for lapsed insurance policies, the principle of utmost good faith, and Section 45 of the Insurance Act. Learn how to renew and reinstate insurance contracts, the importance of timely premium payment, and the risks involved.\",\n  \"image\": {\n    \"@type\": \"ImageObject\",\n    \"url\": \"https:\/\/i0.wp.com\/www.insurancesamadhan.com\/blog\/wp-content\/uploads\/2023\/09\/Policy-Lapses.png?resize=1024%2C576&ssl=1\",\n    \"width\": 1920,\n    \"height\": 1080\n  },\n  \"author\": {\n    \"@type\": \"Person\",\n    \"name\": \"Insurance Samadhan\"\n  },\n  \"publisher\": {\n    \"@type\": \"Organization\",\n    \"name\": \"Insurance Samadhan\",\n    \"logo\": {\n      \"@type\": \"ImageObject\",\n      \"url\": \"https:\/\/insurancesamadhan.com\/images\/logo.svg\",\n      \"width\": 224,\n      \"height\": 47\n    }\n  },\n  \"datePublished\": \"2023-09-09\",\n  \"dateModified\": \"2023-09-09\"\n}\n<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Principle of Utmost Good Faith in Insurance and Section 45 of the Insurance Act Insurance is a contract of utmost good faith, where the insurance company accepts the risk on your life based on the details given in the&hellip; <a href=\"http:\/\/www.insurancesamadhan.com\/blog\/what-to-do-when-policy-lapses-reinstatement-process\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":14,"featured_media":3346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[322,326],"tags":[],"class_list":["post-3344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance-problem","category-reinstatement-process"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What to do when policy lapses: Reinstatement Process - Insurance Samadhan<\/title>\n<meta name=\"description\" content=\"Discover the reinstatement process for lapsed insurance policies, the principle of utmost good faith, and Section 45 of the Insurance Act. 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