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Definitions for Doctrine of lapse. Doctrine of lapse. The Doctrine of Lapse was an annexation policy purportedly devised by Lord Dalhousie, who was the Governor General for the East India Company in India between 1848 and 1856.
Meaning of Lapsed Life Insurance Policy â When you fail to pay the premium of your life insurance policy within the given timeframe (including the grace period), your life insurance policy lapses. When your policy lapses the benefits attached to it turn null and void.owever, insurers like LIC give you an opportunity to revive your lapsed policy in five years under special schemes. In case you own a Unit Linked Insurance Policy then the revival process at your disposal is of 45 days.