India’s largest life insurance company, Life Insurance Corp. of India (LIC), last week rolled out a campaign for policyholders to revive their lapsed policies with an aim to encourage the continuation of risk covers in the current high-risk environment. Other than launching special campaigns, insurers typically allow policyholders to revive their policies up to two years (longer in case of some products) from the date of non-payment of the last premium. Disha Sanghvi asked experts when it really makes sense for policyholders to revive a lapsed insurance policy.
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