A policy lapses if the premiums are not paid within the due date or the period of grace permitted by the insurance company. However, a policy that has lapsed can be revived within five years from the date of first unpaid premium. There are different schemes under which a policy can be revived.

Ordinary Revival Scheme: Under this scheme, all the arrears of unpaid premiums with interest have to be paid. Along with this, 'Declaration of Good Health' in Form No. 680 and medical certificate, if necessary, are required.
Special Revival Scheme: If a person is not in a position to pay all the arrears, then, he can choose this scheme. Under this scheme, the date of commencement will be shifted so that the policy does not lapse just prior to the date of revival -- the date of commencement is advanced approximately by the period of lapse. Other requirements like 'Declaration of Good Health' and Medical certificate wherever necessary are required as in Ordinary Revival.