A life insurance policy lapses in case the life assured is unable to make the due premium payment on time, during the grace period or even after the grace period ends. Once the life insurance policy has lapsed, the life assured will not be able to avail coverage benefits of the life insurance policy. The life assured can revive the lapsed life insurance policy during the revival period.
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A Lapsed Policy
If the life assured does not pay the premium amount during the grace period or even after the grace period, the life insurance will lapse. At this stage, the life assured will not be able to enjoy coverage benefits available under the life insurance policy and will also not be eligible to receive any death benefit. There is a way to sort this out which is Revival/Reinstatement of the life insurance policy in the given time period.
Mostly, life insurance policies have a revival period under which the life insured can choose to revive his/her lapsed life insurance policy.
To revive the life insurance policy, the life insured will have to submit the proof of continued insurability along with supporting documents that vary from one insurance provider to another. The due premium payment will be made along with applicable charges that depend on the insurance providers. The insurance company can also ask the life assured to undergo a medical examination at the time of renewal.
How to Revive a Lapsed Life Insurance Policy?
You can revive your lapsed life insurance within the revival time period provided by the life insurance policy. The process to renew your life insurance policy is as mentioned below:
- Revival within 6 months from the date of policy lapse: If you want to apply to revive your life insurance policy within 6 months from the date it got lapsed, the process will be simple. You can easily revive your life insurance policy by contacting the insurance provider and making the overdue premium payments with interest. You can also choose to revive your life insurance policy from the official website of your life insurance provider.
- Revival after 6 months from the date of policy lapse: In case it has been more than 6 months from the date when your life insurance policy lapses, you apply for revival and pay the overdue premiums along with interest which is fixed by the insurance provider. Penalty shall also be levied depending on the terms and conditions of the insurance provider. In some cases, the revival of your life insurance policy depends on the discretion of the insurance company. The insurance company can increase the premium or ask you to undergo medical tests in order to assess your present health condition.
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