Lapsed Policy

Policy lapse is a situation where you can no longer avail of the benefits and coverage provided under a policy. Once your policy lapses, you cannot use any feature of the policy and will lose the right to make a claim against it. Most insurers allow a specific period within which you can restore your life insurance plan. This period can differ from one company to another. It also depends on the type of life insurance plan you opt for. Based on your payment history and the nature of the policy, most insurance companies levy an interest as a penalty for the missed premiums. To reinstate your policy, you just have to pay the premium amount due, along with the interest. Once these dues are paid your lapsed policy will be reinstated allowing you to continue enjoying the same benefits as before. Yes, it’s a bit complicated but you don’t have to worry, reach out to us. We understand your situation and will help you to revive the policy or help recover your money by surrendering the policy.

If your insurance policy has lapsed, you can always reinstate your policy. We strongly encourage you to reach out to your insurance company and initiate the process of reinstating your lapsed insurance policy. The window within which you can revive your policy varies on the type of policy or the insurance company. However, usually, you can reinstate your lapsed insurance policy within 2 years by paying the due amount of all the missed premiums.