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How to Revive a Lapsed Life Insurance Policy?

Updated On Jul 19, 2021

A lapsed policy means that you and your dependents are exposed to risk that an unforeseen event may bring. Since you are not entitled to any cover benefit after the policy lapse, it beats the very purpose of availing life insurance. You can, however, revive your life insurance policy and reinstate the benefits that you and your nominees are entitled to. Revival of a life insurance policy depends on various factors such as the duration between the date of policy lapse and the date when the request for revival is made, and the type of policy.

An endowment plan, for instance, can be revived if the process is initiated within 2 years from the last due date of the unpaid premium, provided that your life insurance plan is within the policy period. You would have to pay the unpaid premiums (along with interest accrued in the policy lapse period).

How to Revive a Lapsed Life Insurance Policy?

The process of revival of a lapsed life insurance policy is dependent on the time elapsed between date of policy lapse and date of request for revival.

1. Within 6 Months From The Date Of Lapse

If you apply to revive your policy within 6 months from the date it got lapsed, the process is simple. You can contact your insurance company and pay off the overdue premiums along with any interest, and revive your policy. This can be done online also.

2. After 6 Months From The Date Of Lapse

If it’s been more than 6 months from the date of policy lapse when you apply for revival, you would have to pay the overdue premiums, along with interest at a rate between 12-18% of the premium amount. Penalty is also levied depending on the insurer’s norms, policy lapse time, and type of policy.

In the second case, revival of your life insurance policy is at the discretion of your insurer. Your life insurance company may alter the original terms and conditions of the policy, increase the premium, or ask for a health certificate. It may also ask you to go for review medical tests, in order to assess your present health condition.

Therefore, it is wise and profitable to revive your policy as soon as possible, to avoid penalties and loss of benefits.


Life insurance is an important tool to avail in your investment portfolio, as it safeguards the financial future of your family in your absence. Make sure to pay your premiums on time, and even if you miss one, revive your policy to ensure you and your loved ones enjoy continued protection always. Opt for a direct debit facility to ensure that you never miss a due date. 

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.                 

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