LIC Policy Revival: Step-by-Step Guide To Re-start Lapsed Policy

LIC Lapsed Policy Revival: Reviving a lapsed Life Insurance Corporation of India (LIC) life insurance policy is essential if you want to continue enjoying the benefits of your policy. The process may vary slightly depending on the specific policy and the terms and conditions outlined in your policy document. It’s essential to follow LIC’s guidelines and instructions closely during the revival process.

However, certain concessions dependent on the term for which you have paid the premiums are available with the exception of some plans for claims concession.

How To Revive A Lapsed LIC Policy?

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy.

A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required.

Concessions for claims during the lapsed period:

1. If the policyholder has paid premiums for at least 3 full years and subsequently discontinued paying premiums, and in the event of death of the life assured within six months from the due date of the first unpaid premium, the policy money will be paid in full after deduction of the unpaid premiums, with interest upto date of the death.

2. If the policyholder has paid premiums for at least 5 full years and subsequently discontinued paying premiums and in the event of death of the life assured within 12 months from the due date of the first unpaid premium, the policy money will be paid in full after deducting the unpaid premiums, with interest upto date of the death.

A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required .

Concessions for claims during the lapsed period:

1. If the policyholder has paid premiums for at least 3 full years and subsequently discontinued paying premiums, and in the event of death of the life assured within six months from the due date of the first unpaid premium, the policy money will be paid in full after deduction of the unpaid premiums, with interest upto date of the death.

2. If the policyholder has paid premiums for at least 5 full years and subsequently discontinued paying premiums and in the event of death of the life assured within 12 months from the due date of first unpaid premium, the policy money will be paid in full after deducting the unpaid premiums, with interest upto date of the death.

Once your policy is revived, ensure that you continue to pay your premiums regularly to keep the policy in force and maintain its benefits.

Source:https://www.news18.com/business/lic-lapsed-policy-revival-form-online-life-insurance-8581784.html