If the policy has lapsed due to non-payment of premium within the due date, the terms and conditions of the policy contract are rendered void, till the policy is revived. A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required.
Various types of revivals are as follows:
- Ordinary Revival: If the revival of the policy is affected within 6 months from the due of the first unpaid premium no personal statement of health is required and the policy is revived on collection of delayed premiums along with interest.
- Revival on Non medical basis: For revival of the policy on Non medical basis the amount to be revived should not exceed the prescribed limit of non medical assurance taken by the life assured.
- Revival on medical basis: If a policy cannot be revised under ordinary revival on non medical basis it can be revived with medical requirements. The medical requirements will depend on the amount to be revived.