Get Protection + Monthly Income after Retirement

How can you revive a life insurance policy which is lapsed?

May 07, 2018 | 2 years ago | Read Time: 2 minutes | By iKnowledge Team

Say, you are playing cricket and are declared out by the umpire. Despite knowing that there was a chance that the umpire’s decision could be wrong, you walk out of the ground. Once you do that, there is no chance of reviewing the umpire’s decision. But, if you had waited for the third-umpire’s decision, maybe you could have played on.

Having a lapsed insurance policy can be similar. The process of revival depends on its duration and type of policy.

Therefore, you as a policyholder must know the ways in which you can renew or revive your policy.

  1. Ordinary Revival

This scheme allows you to revive your lapsed insurance policy by paying all your unpaid premiums in one go. But, for this, you may be asked to give a declaration of good health and submit a medical report under Form 680.

  1. Special Revival

If you are unable to pay your unpaid premiums in one go, you can opt for this scheme. You can get your date of commencement shifted and pay only one premium according to your age. In this case too, you may be asked to declare good health and provide a medical report under Form 680.

  1. Installment Revival

If you are not able to clear your dues, the policy can be revived by paying the premiums in installments. You can choose one of the following choices:

  • Yearly premium – You pay half of the yearly premium in one go
  • Half-yearly premium – You pay one half of the yearly premium
  • Quarterly premium – You pay two quarterly payments
  • Monthly – You pay a regular 6-monthly premium
  1. Survival Benefits-cum-Revival Scheme

If you have a money back policy, you can use this survival benefit scheme. You can avail the survival benefit scheme if your benefit date and renewal date is the same. If the renewal amount is more than the survival benefit, you will have to pay the excess amount to revive your policy. And, if the revival amount is less than the survival benefit, you will be paid the excess amount back.

  1. Loan-cum-Revival Scheme

If the policy has a surrender value on the date of revival, then you can take a policy loan to revive the policy. You will have to pay an additional amount if there is any deficit in the amount of revival. If the loan amount is more, the extra amount will be paid back to you.

If you pay your premium, your policy remains active. If something untoward happens to you during this period, the insurer will honour the commitment and pay your beneficiaries.

But when you stop paying your premiums, your policy will lapse and your insurance provider will not be obliged to provide the said cover. So, avoid such situations by renewing your policies before they lapse. Or even if you do forget, you should revive it immediately.

Advt. no.: IA/May 2018/3915


iTerm Plan

Life Insurance Plan with 3 Options to Choose from

  • Life Protect (Life cover till age 100 years)
  • Protect Plus (5% Automatic Increase of life cover)
  • Dual Protect (Protection + Regular Income)
iTerm Plus Plan

Life Insurance Plan with 4 Options to Choose from

  • Life Plan
  • Life Plus Plan
  • Life & Health Plan (10 Critical Illnesses covered)
  • Life & Health Plus Plan (36 Critical Illnesses covered)
iInvest Plan

iInvest Plan with 3 Options to Choose from

  • Increases Your Investment
  • Boost Your Fund Value
  • Withdraw Your Investment
Calculate your Premium and Secure your Family!
Do You Smoke?

Date of Birth

Your Monthly Premium for Aegon Life iTerm Insurance Plan