Mumbai, Nov 6 (IANS): Reliance Life Insurance Company said Wednesday it has launched a new initiative to revive lapsed policies for its policy-holders.

The revival initiative allows Reliance Life policy-holders to renew their lapsed policies by simply paying their due premium - without any penalty or medical tests.

Generally, a lapsed policy can only be revived by payment of due premiums along with applicable interest and “declaration of good health” by the policy-holder.

“Life insurance is a long-term protection instrument and its benefits are visible over a longer period of time provided the policy-holders continue to maintain their policies in force by regularly paying due premiums.

“With this initiative, we are offering our valued customers an opportunity to renew their lapsed policies and help them avail all policy advantages,” said Anup Rau, chief executive officer of Reliance Life Insurance, in a statement.

Reliance Life Insurance is offering this revival opportunity across all its insurance products till Nov 30, 2013. The benefit will be available across all Reliance Life Insurance plans and extended to every policyholder across the country, the statement said.

“We have waived off the interest charge on due premium, medical tests (subject to conditions) and documents for our customers. Our objective is to bring our customers back into the life insurance fold with all protection and other benefits,” Rau said.