How To Revive Lapsed LIC Insurance Policy? – News18

LIC Policy Revival: Life insurance coverage protection serves as a significant safeguard in instances of calamity or disaster, providing a monetary lifeline to you and your loved ones when wanted most. Timely renewal of your life insurance coverage coverage is of utmost significance, as it may be an actual lifesaver in instances of stress. Failure to resume your coverage on time could necessitate the revival of the lapsed coverage.

When policyholders discover themselves unable to pay their premiums throughout the specified timeframe or the grace interval, their life insurance coverage coverage expires, rendering the protection briefly inaccessible. To reinstate this insurance coverage protection, life insurance coverage corporations usually supply a two-yr revival window throughout which policyholders can revive their lapsed insurance policies and regain entry to their advantages.

Lapsed Policy: What Is This?

If premiums aren’t paid throughout the specified variety of days, the insurance coverage coverage will expire. A lapsed coverage could also be reactivated according to the provisions of the plan upon submission to the company of proof of constant insurability and cost of all premium arrears plus curiosity on the company’s present price.

The Life Insurance Corporation of India (LIC), then again, maintains the authority to approve or refuse the reactivation of a cancelled coverage. The restoration of the terminated coverage will solely take impact if permitted by the LIC.

When Do Insurance Policies Become Invalid?

You are often obliged to pay a set premium on the due date or throughout the grace interval. If you don’t achieve this, your protection will expire. Also, policyholders should make sure that their premiums are paid on time. They are given a grace interval starting from 15 to 30 days.

The protection solely fails when people fail to pay their premiums, even throughout the grace interval.

Here’s How To Revive A Lapsed LIC Policy.

• Policyholders can reactivate their insurance coverage by paying the late cost curiosity on to the insurer.
• A lapsed coverage will be revived in accordance with the plan situations upon submission of proof of steady insurability to the satisfaction of the company and cost of all arrears of premiums mixed with curiosity on the price set by the company on occasion.
• Policyholders can end the LIC insurance coverage revival process by calling the brokers or visiting the department.
• They may additionally inquire about revival processes by calling the customer support division of your insurance coverage.
• The Life Assured shall bear the expense of any medical reviews, together with particular reviews, wanted for the aim of revising the coverage.