In the event of non-payment of premium due under the rider within the grace period the rider will lapse, and no benefit is payable. The cover will cease, and no further benefits will be payable in case of a lapsed rider.
How can you revive the rider?
The revival period will be same as the base policy. You can revive your rider within a Revival Period along with the base policy from the date of first unpaid premium subject to applicable Board approved underwriting policy. There is no revival charge or penal interest/Late fees on revival. If rider is lapsed and not revived within Revival Period or rider is opted out from base policy, then inclusion of the rider shall be as per the Board Approved Underwriting Policy. On revival, if allowed, all due unpaid premium will be collected without any interest/Late fees and cover continues subject to Board approved underwriting policy. The revival is subject to satisfactory medical and financial requirements raised by the Insurer. The medical cost, if any to be borne by you.