Premium payment

For reviving your lapse policy, you would be required to first clear off the unpaid premiums and also pay an additional interest on the delayed premium at a rate specified by your insurer. Your company may also impose a penalty against you.

Processing

You may also have to give a statement of health or certificate of insurability to your insurer. The statement of health or certificate of insurability needs to be filled in, duly signed and supported by identity and address proof documents.

Points to Remember

• When you sign for the revival of your lapsed policy, then you immediately enter into a new contract with your insurance company. At this time, fresh terms and conditions can be imposed by your insurer.
• During the time of your policy revival, your insurance company can provide you continued cover for your lapsed policy with a lower amount of sum assured and to the extent of the paid-up value of the policy.
• If you fail to revive your policy within the prescribed period, its surrendered value with be paid to you by your insurance company.

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