Bangalore: Don't get disappointed, if you receive a notice from your insurance company stating that your insurance policy has lapsed, as there are many ways by which you can revive your lapsed policy, reports ET.

Most importantly, you must know that any non-payment of premiums of your insurance policy, even within the grace period, usually results in the policy getting lapsed. Along with it, all the benefits of insurance which were aimed for provide financial assistance to your dependents at the event of your death, will be denied.

Hence it is advisable to revive your lapsed policy within the time period allowed by your insurance company before it gets matured. Whereas the procedure for revival depends on the type of the policy you hold and the duration of its lapse.

Reinstatement

The documents required for filing a revival or reinstatement of a policy would depend on the time elapsed between the date when your policy was lapsed and the date when you requested your insurer for its revival.