If premiums are not paid within the days of grace the policy lapses. Life risk cover may not be available unless the policy is revived (unless claim concessions apply to the policy) by paying the unpaid premium and interest with other requirements (such as health declaration, medical report, special reports, etc – as may be sought by the underwriter) depending upon the period for which premiums have not been paid, age of the policyholder and the sum to be revived under the policy.

Life assured is subject to fresh health assessment when a revival is underwritten. Hence, there is no guarantee that the policy will be revived on the same terms as originally accepted.

Policyholders can avail of the following schemes for reviving their lapsed policies:

•  Simple revival scheme
•  Policy Loan-cum-revival scheme
•  Survival Benefit-cum-revival scheme
•  Instalment revival scheme
•  Special revival scheme