Policy revival, also called reinstatement in some markets, is restoration of a lapsed insurance policy under the insurer's conditions. It may require overdue premiums, interest, health declarations, medical evidence, or a fresh underwriting decision. Availability and deadlines depend on the contract and applicable rules.
A Nepalese life insurance customer should obtain written confirmation of the revival date and any changed terms. Revival does not necessarily pay for events that happened during lapse. Compare the restoration cost with the remaining benefits, but consider that a new policy could introduce new waiting periods or different conditions.