Can anyone tell me what is the maximum time limit to revive a life insurance policy which has lapsed?
You have the option of reviving a lapsed policy with 5 years from the time you paid the last premium. For reviving a lapsed policy, you need to pay the unpaid premiums along with the interest. In certain cases, you may also have to undergo a health check. Here are 3 ways in which you can revive your policy:
Ordinary revival: If you opt to revive the policy within 6 months from the period of first unpaid premium, you need not give any personal statement on the condition of your health. You just have to pay the delayed premium along with the interest. This rate of interest will be based on the date when the policy first came into effect.
Revival on non-medical grounds: In this case, the sum to be revived must be lesser than the approved limit for non-medical assurance purchased by the life assured.
Revival on medical grounds: This option is available only if the previous 2 options have failed. You have to undergo medical tests, which will be decide the sum to be revived.
Want to check out Life Insurance plans? Click here.