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LIC of India 520 views June 22, 2021
LIC Insurance Policy provides financial protection to your family if something unfortunate like a death happens to you. However, if you don’t pay the renewal premium within a definite grace period (30 days in case of annual, half-yearly, and quarterly renewals and 15 days for monthly renewals), your policy gets lapsed. However, you can revive your lapsed LIC insurance policy within 5 years from the date of the first unpaid premium along with the penalty. Wondering how to revive the same?
On this page, we will be talking about different methods to revive your lapsed LIC insurance policy. Keep reading to know more.
Table of Contents
We are showing different methods below that can help you revive your lapsed LIC insurance policy. Have a look!
Under this method of revival, you can revive your lapsed policy by paying the delayed premium plus interest if you are doing it within six months from the due of the first unpaid premium. For this, no personal statement regarding health is required.
The rate of interest for such delayed payment of premium will depend on the date of commencement of the policy.
If you want to revive your lapsed LIC Insurance policy on a non-medical basis, the amount to be reviewed should not exceed the prescribed limit for non-medical assurance taken by yourself.
If you are unable to revive your policy on an ordinary or non-medical basis, you can revive the same by providing a few medical requirements, which will depend on the amount to be revived.
Under this scheme, you can revive your policy by shifting the original date of its commencement by up to two years. However, the new date of commencement should not fall beyond December 31, 2013. When reviving your policy with this method, you should meet these conditions.
You can revive your LIC policy even if you can’t pay the arrear premiums in one lump sum. Adhering to the below-mentioned points will help you do too.
You can revive your LIC Insurance Policy by recovering arrears of premium from the amount available as a loan under the policy. The other conditions under this revival method are as follows.
If you want to revive the money-back policy under ordinary revival, the survival benefit amount (payable to the policyholder) will be considered. Policyholders will have to submit an S.B. discharge form with the consent of the policyholder to revive the policy under this method.