I have a transferable job and last year during one such phase, I forgot to pay my insurance premium in time and the policy has unforetunately lapsed. How can I revive it? -Tarun Verma
How can you revive a lapsed insurance policy?
The insurer may alter the process to renew a lapsed policy.
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It is a tricky situation that you are in, as insurers provide sufficient grace period after the premium due date to pay the premium for policy continuity. However, if the premium is not paid within the grace period, the policy is considered to have lapsed. In case of lapsed policies, insurers can apply fresh terms and conditions before reviving it. A policy can be revived by paying all due premiums with interest. The insurer can ask you to undergo a fresh medical test before reinstating the policy. If the revival is sought within six months of lapse, the policy is reinstated without a medical test. In other cases, insurers base their decision about medical examination on duration of lapse, sum assured involved and years of premium paid.