Lapsed Policy Be Revived? | How Lapsed Policy can be revived?

Reviving a lapsed policy, the requirement solely depends on the time since the policy has lapsed. Remember, no claims are possible under a lapsed policy.
Reviving a lapsed policy could be done in up to 5 years from your last unpaid premium’s due date, and before its maturity date. For the process, you will have to fill up a revival form, and pay all overdue premiums. You may also have to pay an additional penalty plus interest of up to 12% to 18% of the premium payment, depending upon the insurer, the type of policy and the date of purchase. The sooner you revive your policy the lesser are the charges.
f you revive the policy within 6 months from the last premium paid date, you may have to undergo medical tests. If you revive your policy within six months, you will not have to undergo a fresh medical checkup.
For lapsed Unit-linked insurance plans (Ulips), revival is possible within a maximum of 45 days from the date of lapse. If you do not revive the policy within this period, you would be deemed to have exercised a complete withdrawal from the policy and would thus not receive any risk cover.