My life insurance policy lapsed after I stopped paying premiums for two years. I had paid premiums for the first three years. Can I now revive this policy? - Devika Pillai, Bangalore
It is unfortunate that you lapsed on premium payments towards your life insurance policy. Normally, most life insurers allow the policy to be revived with a five year window from the day of the first unpaid premium. However, the insurer reserves the rights to do so and the rules vary from insurer to insurer. You should check with your insurer at the earliest to revive your policy. If they do agree; you will have to pay all past premiums with penalties for the policy to be revived. You will also receive a communication from your insurer once the policy is revived.
