A policy lapse occurs when you have stopped paying your policy’s premium and the contractual grace period has expired. When you let your insurance policy lapse, your coverage also ends. Depending on your policy terms and conditions, you might be able to reinstate a lapsed policy by meeting certain requirements. Moreover, if you don’t reinstate the lapsed insurance policy, you will have to forfeit all the premium amounts paid so far.
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To take the following actions, thus maximizing/optimizing your benefits from the lapsed policy:
Lapsed policy status update.
Reinstatement of the lapsed policy
Conversion from lapsed to Paid up
Surrender of the policy
Remember that a lapsed insurance policy neither gives you any further income from the fund, nor does it give you any protection (risk cover). Therefore you must act immediately.