Lapsed LIC policy revival campaign to end soon; how to revive LIC policy with up to Rs 4,000 concession
Also read:LIC lapsed policy: Get up to Rs 4,000 concession on reviving lapsed LIC policy till this date
The campaign is being launched to help policyholders whose policies lapsed because they were unable to pay premiums on time due to unavoidable circumstances. It is usually preferable to resurrect an existing policy in order to reinstate insurance coverage.
What is a lapsed policy
A insurance expires if premiums are not paid within the allowed number of days. A lapsed policy may be reinstated in accordance with the terms of the plan upon submission of evidence of continuous insurability to the Corporation and payment of all premium arrears along with interest at the rate set by the Corporation from time to time.
Revival of lapsed policies
If your policy has lapsed owing to non-payment of premiums on time, the terms and conditions of the policy contract are null and void until you reinstate it.
A lapsed insurance must be reinstated by paying the accumulated premiums with interest and providing the necessary health information. Always keep your policy in force to guarantee that your family receives the financial security that your policy provides.
However certain concessions dependent on the term for which you have paid the premiums are available with the exception of some plans for claims concession.
According to the post on the social media X ( previously known as Twitter), “LIC's Special Revival Campaign — An opportunity for policyholders to revive their lapsed policies. To know more, contact your nearest LIC Branch/Agent or visit http://licindia.in”
