I forgot to pay the premium of my life insurance policy and the policy lapsed. How can I revive my policy?A policy lapses if the premiums are not paid within the due date or the grace period permitted by the insurance company. However, a policy that has lapsed can be revived within five years from the date of first unpaid premium. In your case, your policy can be revived under the ordinary revival scheme. For this all the arrears of unpaid premiums with interest will have to be paid. Along with this the insurers may ask you to submit a ‘Declaration of Good Health’ (form no. 680).
