You need to pay a charge which would be calculated as the difference between the old and new premium.
Life Insurance Corporation of India (LIC), policies play a significant part in providing security to a family in the event of an unfortunate circumstance or accident. In unexpected situations where financial assistance is required, this insurance can save the insured person's life as well as the lives of their family members.
In order to keep a life insurance policy active, premium payments must be made on time.
The LIC policy will expire if three consecutive premium payments are not made. Owners of policies must be sure to pay their premiums by the due date. A grace period of between 15 and 30 days is given to them. The coverage doesn't actually expire until people stop paying their premiums, even during the grace period. It is only when individuals fail to pay premiums even during the grace period that the policy lapses.
When the insured fails to pay the premiums on time or even during the grace period, it becomes necessary to revive the lapsed LIC policy. The insured is not eligible for any insurance plan benefits once the policy expires. Reviving the policy is therefore crucial if you want to benefit from it. As a result, LIC provides a chance to renew an expired insurance within around two years.
How to revive a lapsed LIC policy?
- By paying the late payment interest, policyholders can renew their insurance contracts with the insurer.
- By paying a renewal charge, a late fee, and additional interest or penalties on past-due premiums in accordance with the terms of the plan, a policyholder may renew their lapsed insurance.
- The process can be started by the policyholders contacting the agents or going to the branch.
Step-by-step guide to revive a lapsed LIC policy using the special revival scheme:
- Submit a written request to LIC, policy document, proof of identity and address, and a medical report if required.
- LIC will calculate the required revival amount.
- Make the specified payment to LIC.
- LIC will then revive the policy and furnish a new policy document to the policyholder.
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