# How life insurance lapses and the steps to revive it 2026-10-09T06:42:38+00:00 | Governance | Indian Opinion Desk Corroboration: 1 independent outlet A life insurance policy does not lapse immediately on missing a premium. A grace period of 15 days for monthly instalments or 30 days for quarterly, half-yearly and annual instalments applies under IRDAI's 2024 life insurance product circular. Coverage and claim rights continue during this period. If the premium remains unpaid after the grace period, a pure term plan lapses and cover ends. A policy that has acquired a surrender value may continue on a reduced paid-up basis with lower benefits. Unit-linked insurance plans have separate discontinuance and lock-in rules. A lapsed policy can often be revived by paying unpaid premiums with interest and meeting health or underwriting requirements. Policyholders must obtain written confirmation of the revival date from the insurer before paying, as a payment alone does not restore cover. ## Indian Opinion Analysis The grace-period and revival rules a policyholder relies on are laid out in IRDAI's 2024 circular, meaning the process is standardised across insurers, not a matter of company discretion. What this leaves unresolved is the practical risk: a policyholder who misses the grace period and then sends a payment risks having no coverage if they assume it restores automatically, since the insurer's written confirmation and any health reassessment are required first. The concrete next step for anyone facing a lapse is to contact their insurer directly for the effective revival date and a written confirmation before submitting any payment. ## Coverage - livemint.com Leads with IRDAI rules, service-journalism framing This brief was synthesised by AI from the source linked above. Tags: insurance, IRDAI, lapsed policy Canonical: https://indianopinion.org/how-life-insurance-lapses-and-the-steps-to-revive-it/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/how-life-insurance-lapses-and-the-steps-to-revive-it/#story-in-brief How this brief was made: an AI model read the report linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/