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Insurance-Lapsed Insurance Policy

Better late than never If you’ve forgotten to pay the insurance premium on time and your policy has outlived the revival period, don’t fret. There are various ways to choose from to revive a lapsed insurance policy

Sunil Kumar Singh

Buying a life insurance policy is one of the most vital financial products you buy. However, unless you keep the policy active by paying regular premiums, the policy would cease to exist or lapse, and the whole purpose of life insurance would be defeated. Let’s first consider what a lapsed policy means. According to the Insurance Regulatory and Development Authority (Irda), lapse means discontinuation of premium payment by the policyholder during the period of operation of the policy due to any reason other than the death of the policyholder.