LIC Lapse Policy: Generally investing in LIC policies is considered safe. Many times, people’s insurance policy lapses and people then forget it because they do not know how to revive the policy.
LIC Lapse Policy : Lakhs of people in the country have bought policies of Life Insurance Corporation to secure their future. This government insurance company has policies for people of all age groups. Generally investing in LIC policies is considered safe.
Many times, people’s insurance policy lapses and people then forget it because they do not know how to revive the policy. So let us know how you can restart the lapsed policy of LIC.Why does the policy lapse
LIC’s insurance policy lapses due to non-payment of premium on time. A lapsed policy can be revived within a stipulated time frame. LIC keeps running campaigns from time to time to revive lapsed insurance policies. According to LIC rules, it is necessary to run any policy for at least three years. Only in this situation you can revive your policy.
Which policy lapses?
LIC puts the policy in the category of lapsed if the premium is not deposited for three years. The company also informs the policy holder about this. If one does not deposit the premium for five years, then the policy completely lapses. It cannot be revived even later.
How to restart lapsed policy
To revive a lapsed policy, you first have to go to the nearest branch of the insurance company and get the revival quote. In this, lapsed premium is added and penalty is also imposed. After this the policy holder also has to submit the health certificate. If the revival amount is more than Rs 50, then photocopy of PAN card will also have to be submitted. While depositing money it is also necessary to fill form number 680. In this way the lapsed policy can be restarted.
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