How To Revive Lapsed LIC Insurance Policy Online?
Updated On Jun 18, 2021
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Life insurance policy plays a key role in case any mishap has occurred to anybody at any point in time. It also acts as a life-saver for you and your family in challenging circumstances, where financial support is required. When you buy life insurance, it is vital to renew it on time. If you miss it, the only option is to revive the policy.
The revival of lapsed LIC insurance policy arises when the insured is not able to make the payment in time or in grace time. At this time, the policyholders cannot avail the LIC insurance policy benefits. Usually, insurance companies need to offer a revival period of two years to restore insurance policies.
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LIC Policy Revival Schemes
LIC offers different types of revive policies to policyholders who have not made payment on-time or within the grace period. Explained below are the LIC policy revival schemes:
1. Special Revival Scheme
As per this scheme, the intimation date of the policyholder can be altered, and he/she shall pay a single payment according to the age during revival.
2. Installment Revival Scheme
This scheme is particularly for those who are not able to pay the LIC policy in a single go and want to do it in installments.
3. Loan cum Revival Scheme
According to this scheme, lapsed plans can be renewed through recovering arrears of the amount present as a loan as per the policy conditions.
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4. Survival Benefit cum Revival Scheme
The policyholder can renew the money-back policies by using this scheme.
Important Factors To Keep In Mind While Reviving LIC Life Insurance Policy
You can renew your LIC insurance easily by remembering the factors listed below:
1. Health Records
The insurance company can ask for the medical reports based on the sum assured of the policy and the age of the insured. If the policyholder has a medical history or is under treatment for a long time, then he/she needs to submit the medical reports.
2. Duration
A policy can be revived only if the policy has not exceeded a particular duration of time from the date of lapse of the insurance. The period is determined by the LIC, which is dependent on the policy type.
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3. Concessions Availability
LIC launches several campaigns with fee exemption and discounts on the fines for the policy revival. It depends on the terms and conditions released by the company.
4. Considerable Penalties
The insurance company can charge some penalties or fines for the policy revival. This is dependent on the sum assured and the time after the insurance has lapsed.
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Conclusion
Policyholders can revive the policy with the insurer directly by visiting the branch or website. It is left to the discretion of the insurer to accept or reject the policy. After the policy is revived, the benefits from the policies are also reinstated. The revival process is more or less the same for all insurers. You can also call the insurer’s customer care to find out about revival processes.
