Payment of Revival Amount in Instalments

Installment Revival Scheme i.e. Payment of Revival Amount in Instalments
– Change in Rate of interest from 9% p.a. to 8 % p.a.

We have issued a circular Ref: Actl/1450/4 dated 30th Nov 1989 giving the formula to arrive at the instalment of the revival amount and the factors corresponding to Rs 100/- outstanding revival amount for various modes of payment of premium, under our Instalment Revival Scheme.

We had vide our circular Ref: Actl/2013/4 dated 8th April 2005 reviewed the rate of interest under all financial transactions and the rate of interest applicable to revival of policies in the Financial Year 2005-06 has been revised as 8 % p.a.

The factors corresponding to Rs 100/- outstanding revival amount @ 8 % p.a. for various modes of payment of premium, under our Instalment Revival Scheme is given in the Annexure A enclosed. An illustration has been given in Annexure B for clarity.