Indian Life Insurance (LIC) is India’s largest insurance and future planning company. Many times the LIC policy gets discontinued due to non-payment of premium on time. If any of your policies are discontinued, you don’t need to worry as LIC gives options to restart the policy.
If you have taken any LIC policy, you should renew it in time. Whenever the policy is discontinued, the insurance company allows revising it for 2 years. This means any customer can easily restart the policy by paying the premium.
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What is lapsed LIC policy?
We have to pay for the coverage to get the policy benefits. If we do not pay the premium on time, the insurance policy will lapse, which means we will not get its benefits. In such a case, all outstanding premiums and interest must be paid to resume the policy. At the same time, the Life Insurance Corporation of India reserves the right to renew or reject the policy.
How to restart the policy
The policyholder has to pay the interest amount.
The policy can be reintroduced only based on the terms and conditions issued by the insurance companies.
To renew the policy, the policyholder can complete the LIC policy renewal process by visiting an agent or branch.
He can also inquire by calling customer care.
The policyholder shall pay for any special reports or medical reports required for policy renewal.
