Personal Finance Has your life insurance policy lapsed? Here's how you can revive it Updated : August 15, 2020 11:42 AM IST Non-payment of premiums leads to policy getting lapsed. This means it will no longer pay a death benefit or offer any coverage for the insured person. Hence, it is advisable to revive it once liquidity issues are resolved, say experts. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.