New Delhi: Life Insurance Corporation of India (LIC) offers various insurance policies tailored to customers’ needs and preferences.
However, if the premium for these policies is not paid on time, they may lapse.
It’s crucial in today’s world to maintain insurance coverage for yourself and your family’s protection.
Understanding Lapsed Policies
A lapsed policy is one that has been discontinued because the premium was not paid on time. When a policy lapses, its benefits become inaccessible until all outstanding premiums and interest are settled.
The decision to revive or reject a lapsed policy rests with the Life Insurance Corporation of India.
Premium Payment with Late Fees
If your LIC policy lapses due to non-payment, LIC typically allows a two-year window for revival.
During this period, policyholders can revive their policy by paying the overdue premium along with any applicable late payment fees.
Steps to revive your Policy
To revive a lapsed LIC policy, the policyholder must clear all outstanding premiums and associated interest.
Reviving the policy is subject to the terms and conditions set forth by the insurance company.
Policyholders can initiate the revival process by visiting their agent or LIC branch and completing the necessary paperwork.
Alternatively, they can inquire about revival procedures by contacting customer care. Additionally, late fees will need to be paid along with the overdue premiums.
