Having a LIC policy is very important nowadays because you never know when and how any miss happening will happen to you, therefore, taking the pre-precautions is must. But after getting LIC policy one needs to take care that the premium is being paid on time. As if the premiums are not being paid on time then your policy will get lapsed. Many people stuck in this problem of when their policies get laps and they have no other choice. But now there is an option for this problem and you can revive your lapsed LIC policy very easily. One just needs to follow a few things which are given below to revive the lapsed LIC policy.
Different Schemes For Reviving The LIC Policy
1. Ordinary Revival Scheme
- In this policy, the policyholder has to pay the unpaid previous premiums which are due till date. The interest also has to be paid by the policyholder for unpaid premiums. In some cases, the company may ask a medical fitness certificate from the policyholder for the confirmation of the medical fitness being covered in the policy.
How To Revive The Premium Installment Which Is Due?
Any case, if the policyholder was unable to pay the due installment of the premiums then they could revive it in the following way:
- If the policyholder is holding a yearly payment term then he or she has to provide half the amount of the yearly payout.
- If the policyholder is holding a policy of half-yearly premium payment amount then they have to pay half of the premium of half-yearly premium payment.
- Therefore there are different installment Revival methods from which the policyholder could revive their policy.
Revival Scheme With Its Survival Benefits
- If the policyholder is utilizing the survival benefits then they can renew the policy very easily if the due date for benefits is still to come. In this case, if in any chance the Revival amount exceeds then the policyholder has to pay extra for it. Therefore this is another method of the revival of the policy.
LIC Policy Revival Scheme Through Loan
- The policyholder could opt for a loan cum Revival scheme so that they could revive their policy easily. In the scheme, the policyholder could easily take a loan on the same date of revival of the policy. In any case, if Revival amount is insufficient then the extra amount has to be paid by the policyholder. And in the opposite case if the loan amount is higher than the extra amount will be given to the policyholder.
Is It Necessary To Revive a Lapsed LIC Policy?
The revival of the lapsed LIC policy is very important for a few reasons given below:
- If the policy has been expired a few days before and in an emergency case they have to get admitted in the Hospital then benefits which are to be provided by the side of the LIC policy to the policyholder will not be given.
- In the same case, if the policyholder has applied for the revival of the policy, in that case, the benefits will be provided.
- There is no such rule till now in LIC policies that they are going to reject the Revival appeal.
- Therefore it is very important to fill the Revival application before the expiration of the policy.
Some Important Things While Doing a Revival of LIC Policy
- The duration after the lapse of the policy plays an important role as there is a time duration which is given after the lapse of the Policy under which the policyholder has to appeal for its Revival. If the Revival Appeal of the policy hasn’t been made under this period then the revival of the policy could be rejected and one has to start all over again.
- The insurance company has all rights to ask for the health records of the policyholder and the policyholder has to provide all the medical history and the treatment reports to the policy providing company.
- One needs to visit the LIC branch before opting for any of the Revival policy schemes. The due amount has to be paid to the LIC by the policyholder with interest properly before Revival process starts.
- The LIC could apply a few fines on the policyholder due to the late submissions of the penalties for the revival of the policy. Therefore one has to pay that considerable fine to the LIC.
- Even if you have a genuine reason for not paying the premiums on time or the genuine reason for the lapse of the policy at that time the concession could be provided by the LIC after full research. The policyholder needs to provide legal documents which are stating that the policy lapse is by mistake because of some genuine problems.
Some Tips on LIC Policy Revival
- Some of the expert tips are that if you are going to revive your LIC policies just go through all the previous documents for going through any exclusion.
- Also one has to pay attention to the duration of the time under which the lapsed policy could be revived hence just get that time to eliminate any hustle.
- One can easily pay the premium through online mode but it is advisable to visit the LIC office to pay the Revival amount along with the interest which is applicable as per the policy.
The LIC is providing the best services to its customers to retain their loyal customers. Therefore they are providing this Revival plan of the policy for a specific period after the lapse so that because of any miss happening if the policyholder was unable to pay the dues then they could get a chance for doing the same. Above mentioned are some of the methods through which term policy could be revived very easily.
- Only single need while the revival of the policy is that providing genuine information and taking any of the fines is considered by the side of LIC on you.
A Food Lover by Heart and a writer by Profession. Kanika Maggo is a Delhi-based creative content writer. Her dream is to develop her creative skills to achieve her dream.