The correct answer is: Any of the above.
A lapsed policy of life insurance is a policy that has not been paid for in full. If a policy lapses, the insurer may cancel the policy and the policyholder will not receive any benefits. However, there are a few ways to revive a lapsed policy.
Ordinary revival is the most common way to revive a lapsed policy. To do this, the policyholder must pay all of the premiums that are owed, plus any interest or penalties that may be due. The policy will then be reinstated and the policyholder will be able to receive benefits if they die.
Special revival is a more lenient option that is available to policyholders who have lapsed their policy for a short period of time. To do this, the policyholder must pay a portion of the premiums that are owed, plus any interest or penalties that may be due. The policy will then be reinstated, but the policyholder may have to pay higher premiums in the future.
Instalment revival is an option for policyholders who cannot afford to pay all of the premiums that are owed at once. To do this, the policyholder can agree to pay the premiums in instalments over a period of time. The policy will then be reinstated, but the policyholder may have to pay higher premiums in the future.
It is important to note that the specific requirements for reviving a lapsed policy may vary depending on the insurer. It is always best to contact the insurer directly to discuss your options.