Can you continue your laps policy?

When does a policy lapse?

As long as we pay our dues on time the policy remains in force. The moment we stop paying our premiums the policy lapses and the insurance cover provided by the policy becomes nullified. A lapse occurs when premiums are not paid even during the grace period. The life cover continues during the grace period whose duration varies based on the type of policy and premium payment frequency

What can we do if a policy lapses?

Most insurance companies have an option wherein we can revive the policy by paying a small penalty amount. Even after the grace period is over, we can pay our premiums with a small penalty which the company takes as charges for not paying the premium on time and revives the policy