You should purchase an appropriate life insurance policy. In case loan amount is higher than the revival amount extra amount will be paid to the policyholder. LIC usually launches various campaigns with discounts or free exemptions on the fines to revive the policy. The people can easily acquire Life insurance, health insurance, mutual fund and investment management. In this article I will be sharing the various ways or types of policy revival is possible in case you have purchased a policy from Life Insurance Corporation of India (LIC) which got lapsed. A LIC Policy holder can renew it by taking a policy loan if in case the policy takes the yield charge on the date of renewal. You need to pay the premium and interest amount. Most of these life insurance policies are available online, so buy one today and Sar Utha Ke Jiyo!. Save my name, email, and website in this browser for the next time I comment. How to make a complaint against Insurance Company? Reviving your lapsed policy is now much easier with Policy Revival. document.getElementById("comment").setAttribute( "id", "a04d4e9567f95c7258cc575fcdc2b3e2" );document.getElementById("bd8cddb85a").setAttribute( "id", "comment" ); Save my name, email, and website in this browser for the next time I comment. In this post, we have come up with a list of 5 different schemes for the revival of lapsed LIC policy: If the policy holders use this ordinary revival of policy then it effects in less than 6 months of time from the due date of first unpaid premium. After collecting the delayed premium and interest, the holders can easily revive their policy. If policy lapses, you can revive it anytime within the tenure of 5 years from the date of the first premium that is unpaid. In addition to purchasing life insurance, it is recommended to pay a regular premium for the renewal of a policy. The revival campaign for LIC customers will continue till 9 October 2020. You can get the option of change in address online under profile option at LIC site. Laps policy is as good as no policy. Duration – The revival of policy is allowed only if the policy has not exceeded a specific duration of time. Policies in lapsed condition during the premium paying term and not completed policy term as on the … If you are holding LIC policy and your policy is lapsed here is complete information about How to Revive your Lapsed LIC policy online? Here commencement date of payment is shifted and the premium is revised as per policy holder’s age. In such a case, the only solution is to renewal the expired policy. How you transform a lapsed life insurance policy directly into an opportunity. Follow the steps given below for the revival of laps policy. If you want to continue the benefits of said policy, you need to go for the revival of laps policy. It is the easiest form of revival. At the time of revival of LIC policy, the policy holders must and should make their physical appearance. LIC also provides the facility of getting revival quotations online. Eligibility to revive a policy also depends upon type of policy. Pay your premium regularly on the due dates and within the grace period. You need to consider concession before revival of lapsed policy. The steps are given below. If a policy gets lapsed it can be revived any time within 5 years from the date of first unpaid premium. The interest amount is calculated from the date the premium amount is due. 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. In return, you pay a certain amount of premium each year during the policy term. Policyholders will get 20 percent late fee concession or Rs 2,000 for revival while 25 percent concession for annual premiums between Rs 1 lakh and Rs 3 lakh, it said. You can set a reminder of the policy premium or go for the auto-debit or NCH option. So far as the LIC online premium payment is concerned, it is important to note that the major points while reviving a lapsed insurance policy: First and foremost, the concerned policyholder must fill the revival date, that is, the date on which he or she would like to revive the lapsed policy. Here policyholder needs to pay due premium amount in the installment. These should not be construed as investment advice or legal opinion. In the half yearly mode of payment, the LIC policy holder needs to pay one half yearly premium. Under this scheme, LIC offers discounts/concessions in the late fees. On receipt of Your written request to Revive the Policy … LIC had launched a similar campaign from August 10 till October 9, 2020 for its customers to revive their lapsed individual policies. Concession – The LIC offers concession on premium amount time to time. Make a payment of your policy premium. This site uses Akismet to reduce spam. Follow the steps to revive the lapsed policy: You have to pay the unpaid premiums with high interest rates 12-18% with Rs.500 penalty. Policies of eligible products […] Revival means to rescue or to bring back in life. How to Revive the Lapsed Life Insurance Policy? He is not affiliated with any financial product, service provider, agent or broker. You have quite a few alternatives obtainable. There are numerous benefits for people who have LIC policy. In the yearly mode of payment, the LIC policy holder needs to pay half of the yearly premium. If the policy holder couldn’t make payment of all the unpaid premiums in huge amount, the special revival scheme doesn’t fit that particular LIC policy holder. LIC Lapsed Policy – How to do Revival of LIC Policy Online? You will be asked to select user id and password for your choice. Additional penalty – The additional penalty is charged to the policyholder at the time of revival. You need to contact the LIC agent who did your policy. To revive a lapsed policy, you need to pay the accumulated unpaid premiums along with the interest. If the holder fails to pay the complete revival amount then, the holder needs to pay it. Raviraj is the man behind moneyexcel.com. Franchisees: Payments can also be made through franchisees such as AP Online, MP Online, Suvidhaa Infoserve, CSC, Paytm, … The steps are given below. You can otherwise use Form no 700 or 720 or some other medical report. It also depends on the declaration of Good Health (DGH) and some other medical reports. In such a case, the holder needs to make payment of all unpaid premiums starting from the date of 1st unpaid premium along with the interest. The people who are already LIC policy holders can acquire all the benefits through this policy. Online Method. The revival of lapsed LIC policy is not an extensive process. Can I renew my LIC policy in an nearest LIC branch in Coimbatore. LIC Lapsed Policy – Life insurance is extremely important, it protects you and your family from any unfortunate events. If the LIC policy holder doesn’t pay the premium within the grace period, the policy will expire. In monthly mode of payment, the LIC policy holder needs to pay 6 monthly premium. If you have taken the Policy online from the official website of the LIC then you can use the LIC E-Login to revive the LIC Policy. LIC also provides the facility of getting revival quotations online. It could happen sometimes that the LIC policy holder might forget to make payment of his LIC premium before the last date. You can pay from the LIC website as well as LIC. Notify me of follow-up comments by email. Not a very wise thing to do. Don’t wait for premium notice or due dates and grace period. There are multiple schemes & options to do a revival of LIC Policy. The Life Insurance Corp. of India (LIC) on Monday rolled out a campaign to encourage policyholders to revive their lapsed policies. Revival Of Lapsed Policies. In general, the renewal of LIC policy will regard as a fresh contract in which the LIC policy will force the holders to follow all the new terms and conditions. LIC may ask for a declaration of good health in case the policy amount is higher. This period is typically specifi ed by the insurance company. LIC Policy: Big opportunity - check rebate in late fee charges, terms and conditions, deadline to revive lapsed life insurance policy. Medical base revival is applicable when the policy cannot be renewed under a simple revival scheme. If you fail to pay the premium of a life insurance policy before the due date it results in the policy lapse. The life insurance policy provides financial assistance to your loved ones. Have a look! It is easy to revive your lapsed policy. You will get a revival quotation only for the enrolled policies. The next method to do a revival of laps policy is loan cum revival. Your policy will be revived once payment is done. Important Conditions for Revival of LIC Lapsed Policy. On clicking Revival Quotation you will get quotation of policies which are laps. You need to ask for a policy revival quotation. Interest amount – The policyholder is required to pay interest amount. A special revival scheme is launched by LIC from time to time. You need to pay a premium of policy on time. Installment based revival scheme is costly in nature. This is based on the sum assured and time period after the policy lapses. This type of revival is applicable if revival is initiated within six months of policy lapsation. 1.Ordinary Revival: Under ordinary revival scheme a lapsed policy can be revived by paying all unpaid premiums (from the date of 1st unpaid premium) in lump sum with interest @existing rate. The insurance company does not provide any risk coverage or monetary benefits against these types of policies. The policy holders can easily revive their Lapsed LIC policy by following five different schemes. Visit LIC Online portal and click on customer portal. Once you get quotation you need to make payment. This period is determined by LIC and dependent on the type of policy. Sometimes, the payment process includes yearly basis, half-yearly or quarterly basis. Lapsed policy can be revived under below scheme: 1. Watch the video to know how. If the policy lapses due to non-payment of premiums, the insured will no longer be protected by the life insurance cover. Under this scheme, a policyholder can make use of loans offered on policy for the revival of the policy. Rakesh Jhunjhunwala Portfolio Holdings - March 2021, 20 small manufacturing business ideas with low cost. It is mandatory to provide all these details to the company if we want to buy the policy from them. LIC has now allowed policyholders to revive their policies that have lapsed more than two years. How you can prevent the policy from getting lapsed? It is offered under special revival schemes. How to get information about laps LIC Policies? The percentage of interest is decided by LIC. The Life Insurance Corporation of India will offer days of grace for every LIC holder. The expired LIC policy holders can easily revive it by making the payment of collected premiums along with the interest and providing essential health benefits. The policyholder needs to provide Form No 680 or Declaration of Good Health and medical report for the revival. Here policyholder needs to submit medical records and other details as asked by LIC. In quarterly mode of payment, the LIC policy holder needs to pay 2 quarterly premiums. This type of scheme is available only once policy acquires a surrender value. The holder need not have to submit a personal statement of health. This indicates that thebeneficiaries will not receive payment in case of your sudden death. This is because; the cost for reviving a lapsed LIC policy quite less compared to taking a new LIC policy. 235 Small Business Ideas with Low Investment in 2021-22, LIC Premium Paid Certificate Download For Income Tax Purpose - Online, 30 Food Business Ideas with low investment. It can be revived any time within 5 years from the date of first unpaid premium. Tweet; The last six months have been tough on everyone. Unit-Linked Insurance Plan (ULIP): Life insurance plans such as ULIPs come with a compulsory 5 year lock-in and if you fail to pay premiums during this time, your policy might lapse. Is there a need to Revive Old LIC Policy? You can make use of online payment services provided on the customer portal. The accumulated amount is moved to a discontinuance fund with up to Rs 6000 levied as a charge for discontinuing your policy. IRDA Claim Settlement Ratio 2018-19 – Best Life Insurance Company, LIC Claim Online & Offline – Complete Guide, Income Tax Calculator FY 2020-21 (AY 2021-22) – Excel Download, Download Income Tax Calculator FY 2021-22 (AY 2022-23). If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. You will be given a quotation mentioning unpaid premium amount and interest. Your email address will not be published. Once an insurance policy lapses, the protection which comes with it ends. Key Conditions for Renewal of Expired LIC Policy. If the LIC policy holder is not capable of making the payment of all the premiums in huge amount then it is possible to revive using this special LIC revival. If in case the LIC Policy holder has any expired policy then it is recommended to renewal immediately rather than taking a new LIC policy. In case of a change in address, you can intimate the insurance company immediately. If you have a medical history or other treatment conditions LIC may refuse to revive the policy. Instead of using special revival scheme, the policy holder can use the instalment LIC revival scheme so as to renew their Lapsed LIC policy. Learn how your comment data is processed. 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. It not the case that many lapsed policies is anyway going to be profitable for the life insurer as he is discharged of his liabilities on these. To know the premium due for particular policy, send the SMS ASKLIC PREM to 56767877 or ASKLIC PREMIUM to 9222492224. Installment based revival is a special type of revival scheme. 12th Nov 2019; 2,793; Share; A life insurance policy is an insurance cover, which has a basic principle of paying the nominees in case of the death of the insured. 3 Mins Oct 05, 2020. The agent will submit the form and payment to the LIC office and your policy will come to effect again. If you do not want to forego the benefits which the insurance policy offers you can consider reviving the life insurance policywithin the stipulated time period laid down by the insurance company before your contract matures. The offline revival method is very easy. Instead of using special revival scheme, the policy holder can use the instalment LIC revival scheme so as to renew their Lapsed LIC policy. You need to consider the following things before the revival of a lapsed policy. You can revive the LIC insurance policy anytime under the stipulated time. Revive your policy with this quick online insurance renewal scheme and enjoy various benefits. Here is the simple, quick and hassle-free way to revive your policy online. You need to enroll for all your policies by clicking on “Add Policy”. Ordinary revival is also known as a simple revival. The holders can easily revive their policy using this scheme by making the payment of the below mentioned amount instantly as follows: In a press release, LIC … In case you have been quite short on hard cash recently and also were definitely not able to shell out your premium, your lapsed life insurance policy doesn’t need to end up being one of your own issues. You will be taken to the new page where you need to click on the New User. My LIC policy(705105420) has lapsed and my last payment was on Dec 2016 . In a press release, LIC said it’s encouraging the continuation of risk covers given the current high-risk circumstances. Once you have enrolled you need to login using username and password. In fact, the revival of LIC policy will completely rely on the original reasons like the LIC policy holder not paying the regular premiums quite often. A Lapsed Policy or a Policy under Reduced Paid Up Mode can be revived as per Underwriting Policy, within the Revival Period. He is PGDBA, engaged in blogging for 10 years. If the holder doesn’t pay the premium before the grace period, the LIC policy will definitely lapse. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. Now you can login via newly created user id and password and use basic services. How to check Property Records and Land Records online in India? Your email address will not be published. If you have any lapsed policy, please revive it instead of taking the new policy. How to revive Policyholders can revive the policy with the insurer directly by paying the interest charges for late payment. The LIC policy holder needs to submit a request letter for LIC policy revival using the form no 680 or DGH. On the new form provide details such as policy number, premium, birth date, mobile number, e-mail id and gender. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. As per the policy term, the holder needs to provide the Form No 680 or DGH (Declaration of Good Health) and Form No 700 / 720 or medical report. You need to visit the LIC office personally with detail of Laps policy. If a policy gets lapsed, it can be revived any time within 5 years from the date of first unpaid premium (FUP) the lapsed policy can be revived under the following 5 different schemes. If policy premium is not paid even after a grace period, the policy benefits will be seized and this type of policy is termed as a Lapsed policy. There is a possibility of paying the renewal amount either in the form of cash or cheque. Visit the LIC office with your laps policy and ask for revival. In cash of LIC 'Revival' is required when a policy gets lapsed if the premium is not paid within the grace period (minimum 1 month if mode of payment is Yly/Hly/Qly and 15 days if mode is monthly). "LIC brings an excellent opportunity for all its policyholders to revive their lapsed policies. You need to register on the LIC online service portal to use this method. They ask us details such as our name, date of birth, contact details, nominee and few more. If you want to renew the policy on non-medical basis, the revived amount must not cross the stipulated limit for non-medical assurance. A lapsed policy can be revived only if it has not crossed a certain period from the date on which the policy lapsed. The holders can easily renew their expired policy based on the medical or non-medical. Cash Deposit Machine Locator – How to find CDM Near You? Based on the asset values, LIC is the leading Insurance Company in the country. On the left side you will get option to get “Revival Quotation”. … Reviving your lapsed policy is now much easier with Policy Revival Scheme. Originally, LIC established in the country in the year 1956 after passing the LIC Act by Parliament of India.