LIC Policy Revival Process LIC policy is very popular for investment. Many people get LIC policy but if they do not pay the premium on time, their policy gets discontinued. In such a situation, today we will tell you in the article how much will be charged for restarting the policy and what are its rules.
LIC Policy Revival: Indian Life Insurance (LIC) where many types of policies can be done. Many times LIC policy gets discontinued due to non-payment of premium on time. Let us tell you that in today’s time, it is very important to get a policy to secure yourself and your family.
If you have also taken any LIC policy, then you should get it renewed on time. If your policy gets discontinued then you can start it again. Whenever a policy is discontinued, the insurance company gives a chance to revise it for 2 years. This means that at this time any customer can easily restart the policy by paying the premium.
What is lapse policy
To avail the benefits of the policy we have to pay for the coverage. If we do not pay the premium on time, the insurance policy stops, that is, we do not get its benefits. In such a case, all the outstanding premiums and interest have to be paid to restart the policy. At the same time, Life Insurance Corporation of India has the right to revive or reject the policy.
How to restart the policy
- The policyholder has to pay all his interest.
- The policy can be restarted only on the basis of terms and conditions issued by the insurance companies.
- To revive the policy, the policyholder can complete the LIC policy revival process by visiting the agent or branch.
- He can also inquire by calling customer care.
- Any special reports or medical reports required for revival of the policy will be paid for by the policyholder.
