In India, there are many different types of policies available from Indian Life Insurance (LIC).
Sometimes, LIC policies can stop if the premium isn’t paid on time.
It’s important to understand that having a policy to protect yourself and your family is crucial in today’s world.
If you already have an LIC policy, it’s important to renew it promptly. If your policy has lapsed, you can restart it.
When a policy lapses, the insurance company provides a 2-year window to reinstate it.
During this time, customers can easily reactivate the policy by paying the overdue premium.
What is Lapse Policy
To get the advantages of the policy, you need to make payments for the coverage.
If you don’t pay the premium on time, your insurance policy stops, and you won’t receive its benefits.
In such a situation, you must pay all the overdue premiums and interest to restart the policy.
Additionally, the Life Insurance Corporation of India has the authority to either reinstate or decline the policy.
Here’s how to restart the policy:
- The policyholder needs to pay all the interest that’s due.
- The policy can only be restarted based on the terms and conditions provided by the insurance companies.
- To renew the policy, the policyholder can go through the LIC policy revival process by visiting their agent or a branch.
- They can also inquire by calling customer care.
- If any special reports or medical reports are needed to renew the policy, the policyholder will be responsible for covering the costs.
