According to the terms and conditions of the LIC policy, your policy will lapse if you don’t pay three consecutive premiums. Here’s How To Revive It
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New Delhi: In India, LIC is a household name, and in almost every home, you can find a LIC policyholder. In the years after independence, LIC has been associated with social security and financial mobilisation like sun is associated with source of energy. So, in the LIC Awareness Month, we will help you with the processs of reviving your LIC policy if it has lapsed.
If you want to keep your LIC life insurance policy active, you need to revive it if it lapses. The process may vary depending on the policy and its terms and conditions, but it’s important to follow LIC’s instructions closely.
When Does Your LIC Policy Lapse
According to the terms and conditions of the LIC policy, your policy will lapse if you don’t pay three consecutive premiums. However, there are exceptions to this rule. For example, if you don’t pay your premiums because you are temporarily ill or disabled, your policy may not lapse. However, you must provide LIC with proof of your illness or disability to be eligible for this exception.
Why Should You Revive A Lapsed LIC Policy?
When an LIC policy lapses, you lose all the benefits of the policy, including the death benefit and maturity benefit. The only way to get these benefits back is to revive the policy. LIC gives you a 30-day grace period to pay your premiums. If you don’t pay within the grace period, your policy will lapse. However, you have up to two years from the date of the first unpaid premium to revive the policy, as per a report in Mint Genie.
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Steps To Revive A Lapsed LIC Policy:
Contact LIC: You can contact LIC through their customer care number, email, or by visiting your nearest LIC branch.
Request a revival form: You will need to fill out a revival form and submit it to LIC.
Pay the due premiums and interest: You will need to pay all of the missed premiums, as well as interest on those premiums.
Submit a medical declaration: You may need to submit a medical declaration to LIC, especially if your policy has been lapsed for a long time. The cost of medical reports, including special reports, if any, required for the purpose of revival of the policy shall be borne by the life assured.
LIC will review your revival request once it has received all of the required documentation and payments. If your request is approved, LIC will revive your policy and issue a new policy document, as per a report in the Economic Times.
How To Use LIC Services On WhatsApp:
Open WhatsApp and send “Hi” to 8976862090.
You will receive a list of 11 options.
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To select a service, reply in the chat with the option number.
For example, to know when your next LIC policy premium is due and how much premium you have to pay, send 1.
