Long Term Insurance Act, 1998 (Act No. 52 of 1998)Policyholder Protection Rules (Long-term Insurance), 2017Chapter 3 : ProductsRule 2A : Microinsurance and Funeral Policy Product Standards2A.9 Reinstatement |
| 2A.9.1 | If a microinsurance policy or a funeral policy has lapsed due to the nonpayment of premium and the insurer reinstates such policy, the insurer— |
| (a) | must do so on at least the same terms as the policy that had lapsed; and |
| (b) | may not impose a waiting period under the reinstated policy. |
| 2A.9.2 | If an insurer enters into a new microinsurance policy or a funeral policy with the same policyholder or member within two months after a microinsurance policy or a funeral policy has lapsed due to the non-payment of premium, the insurer may not impose a waiting period under such new policy. |
| 2A.9.3 | Rule 2A.9.2 does not apply where the policyholder or member had not completed a waiting period imposed under the lapsed policy, in which case the insurer may impose a waiting period not exceeding the unexpired part of the waiting period under the lapsed policy. |
[Rule 2A.9 inserted by rule 6(c) of Notice No. 997, GG 41928, dated 28 September 2018]