Life Insurance Policy Lapsed? Here's How to Restore It and Why It Matters

• Life insurance policies lapse when premiums are not paid on time, even after a grace period (15-30 days depending on payment frequency).
• A lapsed policy means no coverage; claims are rejected, and long-term financial benefits are lost.
• Impact varies by policy type: Term insurance terminates completely, traditional savings policies might become reduced paid-up, and ULIPs retain fund value but incur charges.
• Most lapsed policies can be revived within 3-5 years by paying outstanding premiums with interest, and sometimes a medical check-up.
• Keeping policies active is crucial for financial security; updating contact details and timely payments prevent lapses.

Why It Matters: Timely premium payments are vital to maintain life insurance coverage and ensure family financial security.