Buying new policy instead of reviving old one could mean higher premium

But it means avoiding the premiums and interest for lapsed years, so do the math

The Life Insurance Corporation of India (LIC) is currently running a special campaign for reviving lapsed individual policies, which will go on till March 25. It is offering concessions on late fees on select types of policies. Should you try to benefit from such campaigns that insurers run periodically?  

All insurance policies have an expiration date. If the policyholder fails to renew the policy before that date, it lapses. Melvyn Joseph, founder and chief financial planner, Finvin Financial Planners says, “A lapsed insurance policy is equal to having no policy at all because the policy’s coverage is no longer