If the LIC policy has been discontinued due to any reason, then you can get it started again. Life Insurance Corporation of India has come up with a scheme for policyholders to revive lapsed insurance policies.
Life Insurance Corporation of India (LIC) has launched a campaign to help policyholders renew lapsed insurance policies. LIC has stated that policies which have expired during the premium paying term but have not yet completed the policy term can be revived.
It can be done from 7 February to 25 March 2022. According to LIC, in view of the current Kovid-19 pandemic and with emphasis on protection against death, this campaign is for LIC policyholders, in which policyholders can revive their own and their family’s policies.
How will the lapse policy be revived?
On this, Sebi Investment Advisor and Expert Jitendra Solanki said, as per the LIC website, if the premium under the policy is not paid within the grace period, the policy lapses. Revive is a new contract, in which the insurer can impose new terms and conditions. A policy can be revived under the following types of revivals.
simple revival
Jitendra Solanki said, If the policy is revived within 6 months from the due date of first unpaid premium, no personal details about health is required, and based on late payment and collection of interest The policy is revived. The rate of interest to be levied for such late premium shall be determined from the date of commencement of the policy.
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Revival on Non Medical Basis
Solanki said, the amount to be revived for a non-medical policy should not exceed the limit authorized for non-medical assurance taken by the insured.
Revival on Medical Basis
If an insurance policy cannot be revived under normal circumstances or on non-medical grounds, it can be revived under medical conditions. The amount to be revived will determine the medical needs.
Other plans for revival
- special revival scheme
- Revival by installment
- loan-cum-revival
- Survival Benefit Less Revival
