LIC Lapsed Policy Revival: Life insurance coverage acts as an important protection cover in times of emergency or calamity or disaster. It works to provide financial support to you and your family when you need it most. It is important to renew your life insurance policy (LIC) from time to time.
LIC Lapsed Policy Revival: Life insurance coverage acts as an important protection cover in times of emergency or calamity or disaster. It works to provide financial support to you and your family when you need it most. It is important to renew your life insurance policy (LIC) from time to time because if you do not do so, your policy may lapse. Then you have to renew your lapsed policy.
When the policyholder does not pay his premium on time, his life insurance policy lapses. Due to this, the benefits they get on the coverage also become temporarily inaccessible. To restart this insurance coverage, life insurance companies usually give a window of two years, during which period the policy holder can renew the policy by paying the premium and restarting the coverage.
What is a lapse policy?
If the premium is not paid within the stipulated days then the insurance policy lapses. To get the coverage available on any policy, it is necessary to renew the insurance policy from time to time by paying premium. If this is not done, the policy lapses. Life Insurance Corporation of India (LIC) reserves the right to reinstate or reject a canceled policy. LIC gives permission to restart the discontinued policy.
How to revive lapsed LIC policy
If your policy has lapsed due to non-payment of premium within the due date, all benefits, terms and conditions associated with the policy remain invalid until you revive it.
How to revive lapsed policy
- If you have any LIC policy which has lapsed, you can pay its premium along with late fine. After paying the premium of LIC policy, the health benefits related to the policy will start.
- Contact LIC – You can contact LIC through their customer care number, email or at your Pasi LIC branch.
- Request for Revival Form – You can submit the revival form to revive your policy.
- Pay late fine along with premium – You can pay the interest by paying late fine along with your premium.
How to get LIC policy service on WhatsApp
1. Type ‘Hi’ and send it to 8976862090 through WhatsApp application.
2. You will get 11 options to choose from. To select a service, reply in the chat with the option number. For example, if you want to know when your next LIC policy premium is due and how much premium you have to pay then send 1.
