The Lapsed LIC Insurance Policies due to non-payment of premium can be revived within two years period from the date of elapsing of the policy by paying arrears of interest and premium together with the fulfillment of medical requirements if any. I had taken a pension plan policy no.314392676 of LIC in 2011 of premium Rs.10,928/ half yearly,I had paid 5 installments of the policy but unfortunately due to some medical reason my economic condition got worse and I am unable to continue this policy,last payment paid till 2013. LOK SABHA, STARRED QUESTION NO: 432 I want to get the refund of my premium paid. In this LIC lapsed policy revival scheme, LIC India is offering up to 30 per cent rebate in late fee charges as well. (a) to (d) : A Statement is laid on the Table of the House. The lapsed policy can be revived within a period of two years from the date of lapsation by paying arrears of premium with interest and fulfillment of medical requirements, if any. Once you get a policy revival quotation you need to make payment for the due amount along with interest for the revival of the policy. A life insurance policy loan is not taxable as income, as long as it doesn't exceed the amount paid in premiums for the policy. Font Size. sir my self K SARAVANAN To close your policy before this date, go through the process of surrendering it to LIC. You can think of this as a lapsed policy refund. Special campaign for the revival of lapsed policies of LIC Like past many occasions, Life Insurance Corporation of India(LIC) has come up with a new Revival Campaign. I want to know that it is old bond my dad condition get bad more wen he thinking about that saving so many yeas SIR MENE 2013 OR 2014 ME LIC KI THI , financial problems ke karam unhe me continue ni kar saka , in lic me mera kuch amount paid hai . Dear sir,,Mera LIC me jeevan Anand aur jivan tarun policy hai.jiska primium Maine 18 mahino Tak lagbhag 71000rs pay kar diya hai.aur aage ki primium financial problem ke karan pay nahi kar paya.to please give me suggestions how I can do it for refund my deposit money.thanks. A life insurance policy will lapse when both premium payments are missed and cash surrender value is exhausted if it is a permanent life insurance policy.. In both the cases the policy gets lapsed and the cover is lost. The revival of lapsed LIC policy arises when the insured is unable to make the payment of premiums on-time or within the grace period. People often forget to check their Life Insurance Corporation policy status. Maintained by V2Technosys.com, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), Rules for Premium Refund on Lapsed LIC Policies, HC accepts Writ petition although alternative remedy was available, Judicial Intervention Under Arbitration Proceedings, Tax relief for industries affected by Coronavirus, Lockdown Guidelines amenmded in Maharashtra on 15.03.2021, Steps taken by Government to use AI for education transformation, Free Offline Excel Utility to Validate any GSTN Number, CESTAT quashed 2.47% CVD on continuous cast copper wire, ITAT upheld disallowance for unreconciled accommodation entries, Manual for Quality Assurance Review & Audit Performance Index 2021, CMA – Renewal of CoP issued w.e.f. Dear Dir, Kindly arrange for the repayment of policies amount. Similarly, in all products with premium paying term of less than 10 years, where premia are paid for less than two years, then the policies stand lapsed. (a) whether a number of Life Insurance Corporation of India (LIC) policies are considered as lapsed on account of default in payment of premium, if so, the details thereof; (b) the norms for declaring a policy lapsed due to non-payment of further premium; (c) if so, whether this amount is refunded to policy holder and if not, the reasons therefor; and. The percentage of lapsed policies of LIC is around 4% on an average during the last three years. Kindly arrange for the repayment of policies amount. If I pay cash then where shall I need to ask and if I repay bond premium from 2012 then I can do but shall that bond exist or not. I want to know that shall I get my bond back for conninoue by paying them cash where we given to adjust in 2014 due to business fail Eligible plans can be revived within five years from date of the first unpaid premium. These are really tough times, therefore you must have adequate insurance coverage on your life. Now I want to surrender my policy to get money,kindly guide me for the same. LOK SABHA, STARRED QUESTION NO: 432 In 2014 we need to know that bound is in West bengal financial corporation morgade from where my dad took loan so they had adjustest in bond as my dad business fail Copyright © TaxGuru. He is earning only Rs 8000/-per month unable to pay further premium after a year now , and went ti Kotak Mahindra Insurance , Ambathur, told regret their inability to refund the first premius. How to get my premium amount returns. Now, LIC has introduced a facility to revive policies that have remained lapsed for over two years. Revival of Lapsed LIC Policy. State-run insurer is giving an opportunity to its policy holders to renew their lapsed policies. The premiums received under the lapsed policies become part of the overall Life Fund. Sir I have open a LIC in the year 1998 but due to personal problem I could not continue that policy only 2 installment given , now whether any possibility to get my principal amount which is deposit in LIC . Lapsed Policy. The quantum of the loan depends on the surrender value acquired by the plan. You can surrender the LIC policy. If I do not pay the next installment my policy would be lapsed. I am from kolkata I want to know how can I replace that bound bcoz it’s 15yrs maturity Kuppi Bai Ranganathan, Sir my dad have done 2 policy one jevan ananad other jevan shree one 2lac 50thousand other 5lacs from 2004 he started paying anually 70thousand in 2012 he get in depression so we had stop payment Sometime we forget to pay the premium or may not have money to pay the premiums. If the insurance premium of a policy is not paid within the specified date (including grace period) the policy lapses. except Income tax dept clearance certificate.in view of the above we approached IT dept ,they said our pociy has been closed in the year 1998 so they will not issued IT clearance certificate. I can’t able to do through app, kindly suggest to make inforce in all of my policies. he is very poor n innocent illiterate and unknowing all those things of the difficulies in paying further premium. ye amount mujhe kese refund hoga. i open LIC yearly installment police at Rs.146828 and already paid 1 installment.after that i can’t able to paid because some financial problem . Where the lapsed orphan policy allotted is not revived / reinstated within 6 months from the date of such allotment, life insurers shall have the discretion to undo the allotment by issuing a formal notice to the ‘Allottee agent’ and re-allot to any other agent as per the norms prescribed herein. sir i want know how can i gate my submitted many or any processes to continue this police. Premium Refund on Lapsed LIC Policies 1st February 2019, VAT TDS Credit Allowed Under GST Transitional Laws, Orissa HC admits Writ Petition against Faceless Appeal Scheme, ITAT deletes addition for cash seized which was duly explained by Assessee, Join Self-Learning Certification Courses on GST, Customs & Income Tax by Taxguru Edu, 16 Bullet Points on GST HSN Code Requirements wef 01.04.2021, FAQs on Submission of Online GST Registration Application, Mandatory to mention 4/6-digit HSN/SAC Code w.e.f. Sir my 4 pic policy was lapse due to financial hardships,now I wish to surrender my those 4 policies A reply mail would be sent to the policy holder. whatever paid the Gratuity premie amount with LIC so we have to get back the amount from LIC,in this connection we approached LIC ,as per their information asked us to sibmitt all the papers If this premium is not paid within one month of the due date, the policy is considered to have lapsed. please suggest me how to get my principal amount . 30/01/2019; VIJAY SHANKAR; LIC Maturity Calculator | Calculate Lic Policy Returns or Surrender Value LIC भारत में सबसे . Lapsed LIC Insurance Policies Could I get the first premium refund in any way as I am senior citizen. Hi sir , I have taken 9 policies. as per the agent talk only he paid & joined . Dear Sir, but now my police is lapsed so i want can i do my refund amount or continune my police, please reply me. It can be revived any time within 5 years from the date of first unpaid premium. But am unable to continue the policy due to financial problems. MINISTRY OF FINANCE I am herewith want to know about two of my LIC policies which had got lapsed 12years before and paid only less than two years,since I have lots of problems on medical issues is it possible to get encashment of those policies kindly I give me the feedback for this issue which will be helpful for me.thank you and regards I want to withdraw my two time deposited premium amount Rs.62000/ (app.) Concessions for claims during the lapsed period: 1. Can i claim money to LIC of India even if only two installments are paid.I claim for only two installments, I am open LIC police since 2014 and i have lic bond paper, suddendly i have some problem so stopped my premimum payment i am could not pay for lic, but i paid atleast 4 years. Will the Minister of. I am 66yrs old Mother Seeking your valuable guidance in theis regard to get nack the amount . Similarly, in all products with premium paying term of less than 10 years, where premia are paid for less than two years, then the policies stand lapsed. (d) the steps taken/proposed to be taken by the Government to refund the paid premium of policy holder despite the policy become lapsed? And now not to able continue.if my deposit money refunded. Anywhere revivals of your lapsed LIC policy. But I couldn’t pay another premium after 1st premium. My son R Sathyanarayab < 45 yrs Male Illitreate Guy residing in Tiruninravur, who paid for Kotak Mahindra Life Insurance the first premium of Rs 25000/- per year in very difficult situation. Why Timely Check of LIC Policy Status is Recommended? If the insured commits suicide and dies within a year of policy purchase, 80% of the premium paid is refunded. And now not to able continue.if my deposit money refunded. Please help me with the procedure. Earlier, all policies taken after Jan 2014 could not be revived if they remained in lapsed condition for more than 2 yrs. Basically,  the motive of the campaign is to reduce the lapsation of policies and renewing the relation with old policyholders. i open LIC quarterly installment and already paid 8 installment.after cant able to paid because some financial problem . If I do not pay the next installment my policy would be lapsed. P.k.sathyanathan, Your email address will not be published. Now I want to surrender my policy to get money,kindly guide me for the same. Can i claim money to LIC of India even if only two installments are paid.I claim for only two installments, I am open LIC police since 2014 and i have lic bond paper, suddendly i have some problem so stopped my premimum payment i am could not pay for lic, but i paid atleast 4 years. 0 ; जाने कितना पैसा मिलेगा LIC पॉलिसी पूरा होने के बाद. GOVERNMENT OF INDIA On all those policies which have premium paying term (PPT) of 10 years or more, where premia are paid for less than three years, then policies stand lapsed. A person will call you after a while then you ask this question from that person and he/she will answer you an exact amount. Take the printout and go with this form. Original Policy Bond; Download LIC Policy Surrender Form No.5074. Sir, I have opened a policy in ICICI Prudential life insurance annually in 2017. The policy has already lapsed and i am is not in position to pay the balance and revive the policy thus the money may please be refunded in gurgaon itself i am willing to … Sir I have pail only one life insurance premium of INR 15675, further I couldn’t be able to pay/continue due to financial crisis, please let me know whether I get refund from the Exide life insurance company, Dear sir Maine LIC me 20yrs Ka plan liya tha aur Maine isme 4 yes tk premium bhara but iske bad me premium nhi Bhar paya ab ye policy lapse ho gyi hai kya ab ye chalu ho sakti h ya nhi aagar yes to to Kaise ya mujhe refund mil Sakta h ya nhi.plzzz sir Mera margdashan kre….. …………….. lapse hone Ka reason ye h ki Mai ek student hi aur MERI earn Ka koi source nhi hai…… Thank you sir. If coverage lapses, the insurance company will refund part of the premium payments and/or pay the policy’s cash value. please do the needful sir, i have 3 bonds with me which is lapse before 4 year i request you to suggest for get back the amount where we have spend it to my father heath purposes kindly do the needful. I have paid the premium for Shriram Life Insurance policy and want to cancel my policy. please suggest me how to get my principal amount, I have no job. Can I get my deposit money? All Rights Reserved. April 1, 2021, 11 Commonly Made Errors in GST Compliances, Refund under GST Regime Up To Date 12-03-2021 – Detailed Analysis, Reinstate Audit Provisions Under GST Laws. Can I get my deposit money? Share. i open LIC yearly installment police at Rs.15600 and already paid 2 installment.after 3 installment i cant able to paid because some financial problem . (As per LIC circular CO/CRM/1012/23 dated 17/03/2016) As per the LIC of India circular CO/CRM/1012/23 dated 17/03/2016, Special Revival scheme is not available to new plans launched on or after 01/01/2014. Can I get the premium refunded.. Thanking you and awaiting for your favourable reply to my e-mail Id [email protected] most urgent. The percentage of lapsed policies of LIC is around 4% on an average during the last three years. 25000/-. Bharath, Sir in 2003 i started one policy, upto two and half year i paid, then dueto financial problems i discontinued, now policy has matured, how can i get the paid policy amount pls reply, we have Gratuity policy with LIC since long up to 1998 ,in the year 1998 new company has taken over the old company .After taken over the company we are not renewed the policy with LIC and we have separate Trust.Since 1998 on wards paid Gratuity amount through our trust only to the employees. Dear sir I took 2 policies of lic in 2007 money plus for 20 premiums but I deposited only 6 premiums till 2013 and after it no premium was deposited today I checked its status then it is foreclosed since 2015 what should I do. You need to visit the LIC office personally with detail of Laps policy. Premium paid almost Rs. Copyright © TaxGuru. Can I get the premium refunded.. Therefore increase the persistency ratio. If an LIC Policy gets expired, the LIC Company will renew it at any time in less than 5 years of time from the date of FUP (First Unpaid Premium) of the expired LIC policy. i have 3 bonds with me which is lapse before 4 year i request you to suggest for get back the amount where we have spend it to my father heath purposes kindly do the needful. except Income tax dept clearance certificate.in view of the above we approached IT dept ,they said our pociy has been closed in the year 1998 so they will not issued IT clearance certificate. please suggest me how to get my principal amount . 1st February 2019, Manual for Quality Assurance Review & Audit Performance Index 2021, VAT TDS Credit Allowed Under GST Transitional Laws, Orissa HC admits Writ Petition against Faceless Appeal Scheme, ITAT deletes addition for cash seized which was duly explained by Assessee, Judicial Intervention Under Arbitration Proceedings, Join Self-Learning Certification Courses on GST, Customs & Income Tax by Taxguru Edu, 16 Bullet Points on GST HSN Code Requirements wef 01.04.2021, FAQs on Submission of Online GST Registration Application, Mandatory to mention 4/6-digit HSN/SAC Code w.e.f. How to get amount paid and discontinued due to salary expectation failed but amount needed me spend my financial needs what are processing details to my lic policy schemes . Maintained by V2Technosys.com, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), Rules for Premium Refund on Lapsed LIC Policies, HC accepts Writ petition although alternative remedy was available, National Institute of Pharmaceutical Education and Research (Amendment) Bill, 2021 introduced in Lok Sabha, Government of National Capital Territory of Delhi (Amendment) Bill, 2021 introduced in Lok Sabha, Juvenile Justice (Care & Protection of Children) Amendment Bill, 2021 introduced in Lok Sabha, Marine Aids to Navigation Bill, 2021 introduced in Lok Sabha, Free Offline Excel Utility to Validate any GSTN Number, CESTAT quashed 2.47% CVD on continuous cast copper wire, ITAT upheld disallowance for unreconciled accommodation entries, CMA – Renewal of CoP issued w.e.f. You can surrender the LIC policy. he is very poor n innocent illiterate and unknowing all those things of the difficulies in paying further premium. PTI Last Updated: Nov 04, 2019, 02:32 PM IST. I beg state that I am Tapas Mohanto policy is lapesed very few years ago due to my heart blockage treatement at present i am already 15000 to 20000 premium of my name and my two son name. A lapse means a life insurance policy is no longer an active contract due to missed premium payments. If the policy number is not corrected, the policy number would be … Kuppi Bai Ranganathan, Sir my dad have done 2 policy one jevan ananad other jevan shree one 2lac 50thousand other 5lacs from 2004 he started paying anually 70thousand in 2012 he get in depression so we had stop payment 7 of my policies got lapsed, I tried to make payment through LIC customer portal app. Lapsed LIC Insurance Policies – If there a way out? If the policyholder has paid premiums for atleast 3 full years and subsequently discontinued paying premiums, and in the event of death of the life assured within six months from the due date of the first unpaid premium, the policy … Kindly help. Now Sri Vijayan Sir< the Chairman of Esteemed Concern IRDA ahelped us to get back the unrefundable premium holding with Life Insurance companies.As a Mother I am reuesting you to drop a line reply as how to procedd for further to get back the paied first premium amount of Rs 25000/- fr0m Kotak Mahindra . An insurance policy is considered ‘lapsed’ if the premium is not paid within the grace period, which is 30 days in case of annual, half-yearly and quarterly renewals and 15 days for monthly renewals. Dear sir,,Mera LIC me jeevan Anand aur jivan tarun policy hai.jiska primium Maine 18 mahino Tak lagbhag 71000rs pay kar diya hai.aur aage ki primium financial problem ke karan pay nahi kar paya.to please give me suggestions how I can do it for refund my deposit money.thanks. STATEMENT REFERRED TO IN REPLY TO PART (a) TO (d) OF LOK SABHA STARRED QUESTION NUMBER *432 FOR 16th DECEMBER, 2016 REGARDING PREMIUM REFUND ON LAPSED LIC POLICIES TABLED BY SHRI DHANANJAY MAHADIK AND DR. HEENA VIJAYKUMAR GAVIT. (a) to (d) : A Statement is laid on the Table of the House. I beg state that I am Tapas Mohanto policy is lapesed very few years ago due to my heart blockage treatement at present i am already 15000 to 20000 premium of my name and my two son name. I want to withdraw my two time deposited premium amount Rs.62000/ (app.) If an LIC Policy gets expired, the LIC Company will renew it at any time in less than 5 years of time from the date of FUP (First Unpaid Premium) of the expired LIC policy. with out IT clearance certificate LiC of India will not release the refund amount . Instead you can approach for Loan cum Revival. need your valuable suggestion it will help to me. Commissioner of Labour,visakhapatanam has been cleared on 22.05.2013. NEW DELHI: If you are an LIC subscriber who has bought your insurance after 2014 and your policy has lapsed over two years ago due to non-payment, cheer. most urgent. i open LIC yearly installment police at Rs.15600 and already paid 2 installment.after 3 installment i cant able to paid because some financial problem . Top Stories. The lapsed policy can be revived within a period of two years from the date of lapsation by paying arrears of premium with interest and fulfillment of medical requirements, if any. I can’t able to do through app, kindly suggest to make inforce in all of my policies. Kindly help. (d) the steps taken/proposed to be taken by the Government to refund the paid premium of policy holder despite the policy become lapsed? If the policy information mentioned is error free the status information about the policy would be displayed. Reportedly, the decision has been taken to encourage individuals to continue their risk cover amid the coronavirus pandemic. sir my self K SARAVANAN “The policies that lapsed more than two years ago and were not earlier allowed to be revived, can be revived now,” LIC said in a statement. ANSWERED ON: 16.12.2016 Great news for policyholders of the Life Insurance Corporation of India (LIC)! i open LIC quarterly installment and already paid 8 installment.after cant able to paid because some financial problem . Also, keep in mind that you have to personally visit the branch and request for surrender of LIC policy. Sir my 4 pic policy was lapse due to financial hardships,now I wish to surrender my those 4 policies Synopsis. Sir I have open a SBI Life insurance in the year 2009 but due to personal problem I could not continue that policy only 2 installment given , now whether any possibility to get my principal amount which is deposit in LIC . And I am 47 years.My policies lapsed 5 years back only. Save. The percentage of lapsed policies of LIC is around 4% on an average during the last three years. Tag: lic lapsed policy refund. The policy holders can easily revive their Lapsed LIC policy by following five different schemes. sir i want know how can i get my premium amount or continue the policy. … Finally in the year 2012 Nov our company has been closed and we paid all the liablity to the employees under Dy. Sir I have open a SBI Life insurance in the year 2009 but due to personal problem I could not continue that policy only 2 installment given , now whether any possibility to get my principal amount which is deposit in LIC . sir my self naresh kumar All Rights Reserved. please suggest me how to get my principal amount . However, as per Regulation 35 of the IRDA (Non-Linked Insurance Product) Regulations 2013, they acquire guaranteed surrendered value if premia are paid for at least three consecutive years with premium paying term of 10 years or more and similarly, if premia are paid for at least two consecutive years with a Premium Paying Term of less than 10 years. Sir I have pail only one life insurance premium of INR 15675, further I couldn’t be able to pay/continue due to financial crisis, please let me know whether I get refund from the Exide life insurance company, Dear sir Maine LIC me 20yrs Ka plan liya tha aur Maine isme 4 yes tk premium bhara but iske bad me premium nhi Bhar paya ab ye policy lapse ho gyi hai kya ab ye chalu ho sakti h ya nhi aagar yes to to Kaise ya mujhe refund mil Sakta h ya nhi.plzzz sir Mera margdashan kre….. …………….. lapse hone Ka reason ye h ki Mai ek student hi aur MERI earn Ka koi source nhi hai…… Thank you sir. I have paid 5 times (2 and haif year) lic payments around before 2015. after that i did not continue the policy due to some personal issues. An LIC policy is a shield against contingencies, but it is paramount to keep a regular tab on the status of your policy in order to ensure that it provides optimum returns. On all those policies which have premium paying term (PPT) of 10 years or more, where premia are paid for less than three years, then policies stand lapsed. How to get my premium amount returns. In 2014 we need to know that bound is in West bengal financial corporation morgade from where my dad took loan so they had adjustest in bond as my dad business fail The IRDAI (Acquisition of Surrender and Paid Up Values) Regulations, 2015 stipulate formulae for calculation of surrender value and norms for arriving at the paid up value. check ur policy its with profit or without profit or just register ur self at licindia.in or give ur other basic details to check what is the status or just walk in to any branch near ur area just give them ur policy no they will give u clear cut reply Now Sri Vijayan Sir< the Chairman of Esteemed Concern IRDA ahelped us to get back the unrefundable premium holding with Life Insurance companies.As a Mother I am reuesting you to drop a line reply as how to procedd for further to get back the paied first premium amount of Rs 25000/- fr0m Kotak Mahindra . Sir I have pail only one Aviva life premium of INR 100000, further I couldn’t be able to pay/continue due to financial crisis, please let me know whether I get refund from the Aviva life insurance company. A life insurance policy will lapse when both premium payments are missed and cash surrender value is exhausted if it is a permanent life insurance policy. Policies are 10years old. Pl give me the guidelines who can I surrender it. Your policy reaches maturity at the date stated on your policy bond – this is the date on which the cash value of your policy is equal to your death benefit. Buying an new insurance policy is another option, but you have to pay more premium per year compared to the old policy. He is earning only Rs 8000/-per month unable to pay further premium after a year now , and went ti Kotak Mahindra Insurance , Ambathur, told regret their inability to refund the first premius. Now, LIC has introduced a facility to revive policies that have remained lapsed for over two years.