Make the most of special campaigns to revive lapsed insurance policies

When insurance companies run them, the penalty is waived and you do not have to undergo a medical test

If you do not pay your life insurance premiums on time, or within the grace period, your policy lapses. Life insurance companies run special campaigns from time to time to revive such policies. During these campaigns, they offer concessions and waive late fee. Customers whose policies have lapsed should make the most of these occasions.

Currently, Life Insurance Corporation of India (LIC) is running such a campaign. It will run until October 15, 2018. "During these campaigns, policyholders can revive their lapsed policies by just paying the outstanding premium. The late-payment fee gets waived," says Rakesh Wadhwa, chief marketing officer,