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Any type of insurance policy requires paying premiums regularly. If the premium is not paid for a long time, the policy will lapse. This is called the lapsing of the policy. In such a case, the lapsed policy should be revived to get the benefits of the policy so that the premium paid till then is not wasted. Penalty charges may apply for this.

Life Insurance Corporation of India (LIC) also provides a facility for reviving life insurance policies. However, the related procedure may change based on the rules and regulations specified in the policy document.
 

These are the rules.

If your policy lapses in case premiums are not paid by the due date, benefits may apply to you until the policy is renewed. To revive a lapsed policy, you have to pay the outstanding premiums along with interest. Also, some health requirements have to be fulfilled.

If the outstanding premiums are not paid within the specified grace period, the policy will lapse. There is a grace period of one month or at least 30 days for policies paying annually, half-yearly, or quarterly. If paying monthly premiums, the grace period is 15 days. In case of death during this grace period, the full policy amount will be paid. A lapsed policy can be revived as per the terms of the plan. Proof of continued insurability should be submitted to the satisfaction of LIC. Outstanding premiums are to be paid along with certain interest.
 

But as per LIC's official website, LIC reserves the right to accept lapsed policy revival as per company terms, accept revised terms or reject revival altogether. Approval from LIC is required to reactivate any lapsed policy.

Revival Process

- LIC customer care number, email or contact the nearest branch.

- Then Revival form should be filled and submitted to LIC. Due premium and interest on them should also be paid.
 

- Medical declaration has to be submitted to LIC if required. This is essential, especially if your policy lapses for a long period.

- You have to bear the cost of reports and other medical reports required for policy revival.

- After receipt of documentation and payment, LIC will process your policy revival request. Revises the policy and issues a new policy document.

* Claim rules in the lapsed period

In case the life insurance policyholder pays premiums for at least three years and then stops paying. if he dies within six months from the due date of the first unpaid premium..the LIC will deduct the unpaid premiums along with interest and pay the remaining policy amount to the nominee.
In case the policyholders pay premiums for at least five years and then stop paying. If the policyholder dies within 12 months from the due date of the first unpaid premium.. the full policy amount is paid to the nominee after deducting the unpaid premiums till the date of death along with interest.