Life Insurance Corporation of India (LIC) has launched a special campaign for the revival of individual lapsed policies. This special drive will be carried out from September 1-30. The campaign was launched to benefit those policyholders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.
When do insurance policies lapse?
Usually, you are required to pay a fixed premium periodically on the due date or within the grace period. If you don’t do so, your policy lapses.
Policyholders must ensure to pay the premiums within the due date. They are allowed a grace period between 15 and 30 days. It is only when individuals fail to pay premiums even during the grace period that the policy lapses.
How to revive a lapsed LIC Policy?
-Policyholders can reactivate their policies directly with the insurer by paying the late payment interest.
– A lapsed policy can be revived as per the plan conditions on submission of proof of continued insurability to the satisfaction of the Corporation and payment of all arrears of premiums together with interest at such rate as fixed by the Corporation from time to time.
-To complete the revival process for LIC insurance, policyholders can call the agents or go to the branch.
-They can also inquire about revival procedures by contacting your insurer’s customer service department.
-The cost of Medical Reports, including Special Reports, if any, required for the purpose of Revival of the policy shall be borne by the Life Assured.
In other news, LIC has acquired 6.66 per cent stake in Jio Financial Services, the demerged non-banking financial services unit of the Mukesh Ambani-led Reliance group.
“… Corporation has acquired 6.660 per cent shareholding in ‘Jio Financial Services Ltd’ through demerger action by ‘Reliance Industries Ltd’,” LIC said in a regulatory filing.
Jio Financial Services was listed on the stock exchanges on August 21.
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Updated: 02 Sep 2023, 09:37 AM IST