Policy revival is the process of reinstating a life insurance policy that has lapsed because you missed paying premiums. To revive it, you have to clear the pending premiums, sometimes with extra charges, and follow the insurer’s rules. This way, you don’t need to buy a new plan; your old policy comes back with the same cover and benefits.
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Life Insurance
What is Policy Revival in Life Insurance?
Reviving your life insurance policy isn’t complicated, but it does follow a structured process:
First, see if your policy is still within the revival period allowed by your insurer. If the window has passed, revival may not be possible.
Reach out to customer service or your insurance advisor to understand the specific steps and requirements for revival.
Fill in the policy revival application form.
Clear unpaid premiums along with interest or late fees.
Depending on how long the policy has been inactive, the insurer may ask for updated health declarations or medical tests.
Once verified, your policy becomes active again, and you can continue enjoying life cover as before.
Let’s say, Roshan bought a life insurance policy in 2018 with a sum assured of ₹50 lakhs. He regularly paid premiums for three years, but in 2022, he lost his job and missed payments for six months, which led to a lapse in his policy.
Two years later, Roshan found a new job and wanted life cover again. Instead of buying a new policy at higher premiums, he chose to revive his old policy. By paying his pending premiums, late fees, and undergoing a quick medical check, Roshan reinstated his original ₹50 lakhs cover, without higher premiums or new waiting periods.
When you revive a lapsed life insurance policy, you’re not just paying the missed premiums; you also need to account for revival charges, which are typically charged as interest on overdue premiums.
Here’s what goes into the calculation:
Reviving a policy usually costs less than buying a new one. A new plan may come with higher premiums due to your increased age or health conditions.
Your original policy might have accumulated bonuses, loyalty benefits, or favourable terms. Revival lets you retain these.
Many policies have waiting periods for claims, like a suicide clause or critical illness benefits. When you revive your policy, these waiting periods continue from where they left off, so you don’t have to start over.
When a policy lapses, your family is left without protection. Reviving ensures there’s no gap in their financial protection.
Life insurance is more than just a financial product; it’s a promise to protect your family’s future. But a policy lapse can disrupt that promise. Policy revival offers a chance to restore your coverage without losing the time, money, and benefits already invested.
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Reviewed by Vaibhav Kumar Kaushik 
Acko Technology & Services Private Limited
#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102
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