What is the procedure for the revival of a lapsed insurance policy?
Revival of a lapsed policy is considered either on a non-medical or medical basis. This depends on the age of the policyholder at the time of revival, as well as the sum to be revived (sum assured less paid-up value as on the date of lapse). However, if the revival is sought for within six months from the due date of first unpaid premium, revival is effected on receipt of arrears of premium with interest. The interest rate depends upon the date of issue of policy.
