The insurance business in India isn’t just growing, but also becoming more sophisticated in terms of product offerings. To help readers keep ahead of developments in this business, Mint features a Q&A on insurance every Monday.

I bought a policy in 2005. However, I was unable to pay the premium last year. Can I have a lapsed policy revived?

Yes, if you provide the insurer with evidence of good health and pay all unpaid premiums plus interest if applicable, your policy can be revived.

This is called “policy reinstatement” and can be done within a specified period, as defined by the company. The key advantage of reinstating a lapsed policy is that you pay the original premium rate (in case there is no change in your health status).

Should I buy a life insurance policy even if my employer has insured me in a group insurance scheme?

It is always prudent to buy an individual life insurance policy because:

• The amount of insurance you are covered for in the group insurance may not be sufficient

• If you decide to leave your employer, you may no longer be covered

• The older you are when you buy an individual plan, the higher the premium.

Do I have to go through a medical examination when I buy life insurance? Do I have to incur the costs?

Usually, an individual buying an insurance cover for a sum of over Rs10 lakh has to undergo a medical examination.

However, this limit can vary with your age and the insurance company. The medical examination costs are typically borne by the insurance company.

Readers are welcome to write in with their queries to askmint@livemint.com. The questions will be answered by senior executives from leading insurance firms.

This week’s expert is T.R. Ramachandran, managing director and CEO, Aviva India.