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A life insurance policy is an insurance cover, which has a basic principle of paying the nominees in case of the death of the insured. In return, you pay a certain amount of premium each year during the policy term. If you do not make the premium payment for some reason, your policy will lapse. This means any benefits associated with the plan will also lapse. It is important to understand how does a policy lapse and how you can revive it.
When you buy life insurance, you can pay a premium as per your convenience. The payment could be on a yearly, half-yearly, or monthly basis. If you are unable to pay the premium because you missed the date or you do not wish to continue with the plan, your policy lapses. The insurance provider will give you a grace period, which could be 15 or 30 days, as per the terms of the policy. The grace period in the case of quarterly, half-yearly, and yearly premium payment modes is 30 days. This period is 15 days in case of monthly payments. You can pay the premium and revive your policy within this period. If you fail to do the needful, the policy will lapse and you will not have any life cover.
Insurance providers wish that you continue with the plan and they offer options for you to revive it. You need to know how to revive lapsed life insurance policy so that you can make the most of the coverage. If the policy was active for a minimum period of three years, you get two years to revive it.
When it comes to the reinstatement of lapsed life insurance, you need to consider two things:
1. If you want to revive the policy within six months after the date of lapse, you need to contact the insurer and pay the pending premium along with the interest.
2. If you want to revive the policy after a lapse of six months, you need to pay the overdue premium, interest, and penalty. The penalty amount depends on the policy you have. The insurer has the right to decide if the policy should be revived or not. The insurer could ask you to go for a health checkup or they could increase the premium.
When the policy has lapsed, you do not get any type of insurance benefits. This needs to be confirmed with the insurer well in advance.Since a lapsed life insurance policy can be reinstated, you need to enquire if the benefits will be reinstated, as there could be changes as per your current life situation.
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