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lic lapsed policy revival scheme 2020

If the policyholder has a medical history or is under treatment for a long time, then he/she will be required to submit the medical reports. Mr. A bought a life insurance policy last year. You have clicked on a link which leaves THBL website, and you will be redirected to a third party website.THBL makes no representations nor has any supervision or control over the content, reliability or security of the third party website, nor shall THBL be liable for its use. Revival of the LIC policy. The stock gained 4.6 per cent ... ₹1426 • HDFC Bank S1S2R1R2COMMENT 1415140214381450 Initiate fresh long positions with a stiff stop-loss if ... Free medical services offered spice up the scheme. You have reached your weekly free article limit. This campaign is open from 10 August to 9 October during which customers can revive their individual lapsed policies. As part of its claim clearance offer, LIC is also encouraging policyholders to get their maturity amounts if they have missed making a claim on time. LIC CUSTOMER CARE. Experience cleaner site with zero ads and faster load times. How To Check SBI Life Insurance Policy Status? Revival of Lapsed LIC Policy – Steps to Revive It Online, Sukanya Samriddhi Yojana Versus LIC Kanyadan Policy, Max Life Insurance Login And Registration Process, Best Single Premium Insurance Plans in India. Life Insurance Corporation is running a policy revival campaign for its policyholders from 10 August to 9 October 2020. If the loan amount is not enough to cover the arrears of premium, then the difference will be required to be paid by the policyholder in the serving branch. You get ‘special discounts’ on interest to be paid and ‘health requirement concessions’ during this campaign period. Note that the penalty will vary with each insurer. 680. So, if you have a policy with LIC, then you can revive your (individual) policies between August 10 and October 9, 2020. Home Combination LIC Policy Revival. Importance of Revival of Lapsed LIC Policy ... a recent campaign run by the company from 10th August to 9th October 2020. There should be no loan outstanding under the policy at the time of revival. Offer closes soon. For example, a recent campaign run by the company from 10th August to 9th October 2020.Â, The revival of lapsed LIC policy is not an extensive process. A life insurance policy offers continued financial security to you and your family, provided you, as a policyholder, pay the premium regularly. No survival benefit should fall due during the instalment paying period of revival. If you miss it, your only option is to revive the policy.Â, 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. If the insured commits suicide and dies within a year of policy purchase, 80% of the premium paid is refunded. If a policy gets lapsed, it can be revived any If you have only a pure vanilla term cover and a health plan, then you should get personal accident insurance ... Investors with a short-term perspective can buy the stock of RBL Bank. It is more or less the same for other insurers as well. How to revive a lapsed life insurance policy 2 min read. Usually, insurers allow you to revive your life policies within a period of five years along with penalty. For Children Deferred Assurance policies, revival can be done through instalment method after the deferment period. Revive your lapsed LIC policies with concession in late fees. Below mentioned are various LIC policy revival schemes: In this revival scheme, the intimation date of the policyholder can be changed, and (s)he shall pay a single premium according to the age at the time of revival. Term Life vs. The prospect's details can be shared with the insurance companies, CIN: U72900HR2013PTC050932 PolicyX.com Insurance Web Aggregator Private Limited, Registered Office: 1st Floor, Landmark Tower, Plot no-2, Southcity-1, Opposite C-113, Ashok Marg, Sector-41, Gurugram - Haryana - 122001 India. Agencies are optimistic that ad volumes and spend will rebound, When tech meets fashion, it can knock your socks off, 2020 ambushed and battered agencies — but advertising kept audiences engaged. How To Download LIC Policy Receipt Online? For instance, LIC charges 9.5 per cent per annum as late fee penalty on premium dues. Under the Money Back Plan, policyholders have to bear policy preparation charges and stamp fee. LIC Jeevan Amar was launched in August 2019 by the Life Insurance Corporation of India. Until premium dues are settled, with interest (penalty) chargeable by the insurer as a late fee (from the due date) along with the premium amount due, the policyholder will not receive the benefits of a life policy. For premium amount between Rs 1 lakh and Rs 3 lakh, the late fee discount is 25 per cent (maximum concession is up to Rs 2,000) and for premium above Rs 3 lakh, the late fee discount is 30 per cent (concession capped at Rs 2,500). A policy is said to have lapsed if the premium dues are not paid even after the grace period (30 days for yearly, half-yearly and quarterly premium payment and 15 days for monthly premium payment). The life assured will be paid the balance left after adjusting the premium and interest.Â. Ordinary Revival – Under the Ordinary revival scheme, policyholders can revive their lapsed LIC policy after making the payment, in lump sum, for all unpaid premiums, counting from the very first premium that was left unpaid. If you have any lapsed policy, please revive it instead of taking the new policy. The revival of the LIC policy can be done under the following 5 different schemes:-Ordinary Revival- under this revival policy the insurance holder can revive his/her lapsed life insurance policy by paying all the unpaid premiums including the interests at one go. Conclusion. 1- LIC policy revival will be done only in the branch, where the policy was issued or where you have taken this policy (check branch in your policy bond). Click here to download (PDF format) Revival of Lapsed policy - Form no. Click here to download (PDF format) Revival of lapsed Policy- Form no. Revival Forms. In the case of LIC policies, you can contact the agents or visit the branch to complete the revival process. In the case of LIC, in its recent revival campaign, you get to revive certain policies within five years from the date of the first unpaid premium (from the date you stopped paying premium). The policies that have lapsed for more than two years and were not allowed to be revived earlier can also be revived now, LIC said in a statement. Life Insurance Corporation of India (LIC) has announced a special scheme to revive lapsed policies. The campaign launched on August 10 ends on October 9 2020. NEW DELHI: State-owned Life Insurance Corporation ( LIC) on Monday permitted its policyholders to revive their lapsed policies of over 2 years, a move that will help improve persistency ratio. To encourage policyholders to continue with their lapsed policies the Life Insurance Corporation (LIC) recently launched a special revival campaign for lapsed policies. Beyond five years, insurers may allow for policy revival on a case-to-case basis. At the time of revival, policyholders will have to pay total premiums due plus the penalty (interest) amount to reinstate the policy benefits. As the policy was inactive, the nominee was unable to claim its benefits.Â, If he had revived the policy earlier, the nominee would have received the necessary coverage to meet his/her future expenses.Â. It also acts as a life-saver for you and your family in difficult circumstances, where financial support is needed. When you purchase life insurance, it’s essential to renew it on time. This type of revival is applicable if revival is initiated within six months of policy lapsation. Under the scheme, lapsed policy can be revived through recovering arrears of premium from the amount available as a loan (under the policy) as per the terms and conditions of the policy. What Are Late Payment Charges For LIC Premiums? It has decided to launch a special revival campaign from August 10 till October 9 for … By proceeding you are accepting our T&C and privacy policy, Life insurance policy plays a prominent role in case of any eventuality or mishap occurred to anyone at any point in time. A lapsed policy can be revived under the revival scheme by shifting the original date of commencement by the period of maximum two years. The period will be determined by the LIC, which is also dependent on the type of policy. In case of death of the policyholder when a policy has lapsed, if the policy has acquired surrender value, then claims will be settled to that extent by the insurer. You can also download our Android App or IOS App. Considerable Fines: The insurance company may charge some fines/penalties for the revival of the policy. The period of the campaign will be from 16/09/2019 to 15/11/2019. 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 … If the premium dues are left unpaid over a long period of time, the policy may lapse and you may lose all or part of its benefit. Get diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others. Golden Opportunity to Revive your Lapsed LIC Policy & Ensure Family’s Financial Protection 10th August to 9th October. It is applicable for eligible plans subject to certain terms and conditions. There are few conditions under which policyholder can avail Instalment Revival Scheme: The insured can renew the money-back policies by utilising the survival benefit cum revival scheme. You can also call your insurer’s customer care to find out about revival procedures. LIC has decided to launch a special Revival Campaign from 10th August to 9th October 2020 for its customers to revive their individual lapsed LIC policies. Insurance companies usually send a premium reminder through mail or message or both. Indian researchers are working on cells that can store more energy, last longer. Health Records: The insurance company may ask for the medical reports based on the age of the insured and the sum assured of the policy. Life Insurance Corporation of India offers different types of revival schemes to policyholders who haven’t made payment of premiums on-time or within 30 days of the grace period. And it has every reason to smile. Revival of Lapsed Policy- Form no. - 015, Licence Code - IRDA/WBA17/14, valid till 11-08-2023 Insurance is the business of solicitation, Disclaimer: The information that is available on this portal is of the insurance company with whom PolicyX.com has a legal contract. High risks policies are those that, for instance, involve repayment of double/triple sum assured on maturity. CATEGORIES. The lapsed policy can only be revived if it has not expired for a period of fewer than 6 months or more than 3 years from the date of revival. to offer financial support to family and regular earnings after the demise. The campaign will benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed. LIC Policy Revival. Covid-19 has triggered a consumer shift towards branded products as ... Avail Invitation Pricing Now As per one’s requirement and choice, the customers can choose from different LIC plans ranging from pure protection to whole life, endowment, and money-back plan. Or click on Free Trial to get 14 days free trial. It always makes better sense to revive an old policy to restore insurance cover and LIC values its policyholders and their desire to continue their life insurance cover. Expert Advice: To choose the best LIC plan among all available options, it is advisable to first understand the cause of purchasing the policy which includes key reasons i.e. It totally depends on the TnCs released by the company. Life Insurance Corporation of India (LIC) has announced a special scheme to revive lapsed policies named 'Special Revival Campaign'. A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required . To over come the problem faced by the policy holders, LIC of India in Feb, 2009 allowed the anywhere revival facility of some lapsed policies in any other branch through its circular CO/CRM/729/23 dated Feb 10, 2009. In view of the prevailing circumstances, no concessions are being offered in medical requirements and the concession is limited to late […] “Revival” means “To bring back to life”. How To Check ICICI Prudential Life Insurance Policy Status? Traditional Life Insurance- Which Is Better? Policyholders can revive the policy with the insurer directly by paying the interest charges for late payment. Please Subscribe to get access to one of our early bird packs. Under this campaign, a policyholder will get a maximum concession up … Here is what you should know. In the absence of real-world connection, my social life belongs increasingly to my phone. LIC said It always makes better sense to revive an old policy to restore insurance cover LIC offers up to ₹ 2,500 concession on revival of lapsed policies: 5 points 1 min read. Typically, insurance companies are required to offer a revival period of two years to reinstate insurance policies.Â. “Revival” means “To bring back to life”. This depends upon the sum assured and the period after the policy has lapsed.Â, Availability of Concessions: LIC launches various campaigns with discounts and fee exemption on the penalties for the revival of policies. Policyholders can avail of the following schemes for reviving their lapsed policies: Simple revival scheme; Policy Loan-cum-revival scheme Keep in mind that it is left to the discretion of the insurer to accept or reject the policy (although rejection is rare). Given below are the requirements for reviving the policy under survival benefit cum revival scheme: Under the scheme, lapsed policy can be revived through recovering arrears of premium from the amount available as a loan (under the policy) as per the terms and conditions of the policy.Â. If a policy gets lapsed it can be revived any time within 5 years from the date of first unpaid premium. Get discount in late fees to revive your lapsed policy and secure your family. Customize your preference and get a personalized recommendation of stories based on your interest. Now you revive your lapsed LIC policy with special Revival Campaign 2020. LIC's special revival campaign has begun from August 10 and will remain continue till October 9. LIC of India has launched a limited period 63rd Anniversary Special Revival Campaign, to promote the revival of lapsed policies. 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. Life Insurance Corporation of India has launched a special two-month campaign for revival of lapsed life policies. Related News … However, the policy holder can be asked for the declaration of good health and medical report under form no-680. It cost lesser compare to taking the new policy. Pay Premium Online. The pandemic has brought the curtain down on many businesses. But, generally, it is better to keep the policy active by paying premium dues on time. Once the policy is revived, the benefits from the policies are also reinstated. In case of suicides within a year of revival of a lapsed policy, higher of 80% of the premiums paid or the available surrender value is paid. Linkedin. The Life Insurance Corporation of India (LIC) offers an extensive range of insurance products to cater to the various requirements of the insurance buyers. If a person wants to revive the insurance policy under the special revival scheme, few conditions need to be completed-, This scheme is especially for those who are not able to pay the premiums of the LIC policy in a single go and want to do it in instalments.Â. Click here to download (PDF format) The policy can be revived only once during the policy term. Term + Ulip Combo For Optimal Returns, Risk and Tax Savings. Facebook, Twitter, Instagram, YouTube and Instead of using special revival scheme, the policy holder can use the instalment LIC revival scheme so as to renew their Lapsed LIC policy. Life assured is subject to fresh health assessment when a revival is underwritten. In case 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 Yearly/Half-yearly/Qly and 15days if the mode is monthly). Follow us on Telegram, LIC is offering late fee discounts to encourage policyholders to make the premium payment. LIC Lapsed Policy – schemes for the revival There are multiple schemes & options to do a revival of LIC Policy. LIC Jeevan Amar. Hence, there is no guarantee that the policy will be revived on the same terms as originally accepted. #1 Simple/ Ordinary Revival. Get Full Digital Access To The Hindu BusinessLine, The Hindu, Frontline, Sportstar, Crossword+, Epaper replica of The Hindu and The Hindu BusinessLine in ONE SINGLE DISCOUNTED PRICE! Important Conditions for Revival of LIC Lapsed Policy. During the same, the policyholders are not able to avail the benefits of the life insurance policy. HDFC Life, too, charges 9.5 per cent per annum as interest on premium outstanding. Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device. Copyright © 2021, THG PUBLISHING PVT LTD. PhonePe launches Term Life Insurance plans for users, Supply-side constraints, robust revival in demand to keep iron ore prices up: Ind-Ra, U GRO Capital sees disbursements at pre-Covid-19 level, Audi bets on product launches to clock high double-digit sales growth in 2021, Employment of skilled workers: Cabinet approves MoU between India and Japan, Who should go for a personal accident cover, DCB Health Plus FD: Beats most peers in returns, The reassuring babble of WhatsApp threads in a roller-coaster year, Ad Outlook: It’s a digital show in 2021, too, The art of being brilliant within parameters, Say cheese, says the organised dairy sector, இந்து தமிழ் திசை. To offer some respite to life insurance policyholders, LIC recently launched a revival campaign to ensure benefits of the policy continue. It is the easiest form of revival. "To encourage continuation of risk cover in the current circumstances of high ris Suicides are usually excluded under LIC pension plans. To encourage continuation of risk cover in this difficult period, LIC on Sunday said it will provide an opportunity for its policyholders to revive their lapsed policies. The insurer will charge the difference between the old premium and new premium along with interest as on the date of revival. Under the special revival scheme, the policyholder has to give a written request for reviving the policy.Â. The ‘Special Revival Campaign’ is open from Monday to October 9 … 720. Given here are some of the conditions of revival under the policy: Let’s explain with the help of an example. Ordinary revival is also known as a simple revival. Your policy document will state whether your policy is eligible for revival if it has lapsed. If not, the policy loses all its benefits and no claims would be settled. 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). . If your total premium is up to Rs 1 lakh, then you get a late fee discount of 20 per cent (on late fees) with maximum concession amount limited to Rs 1,500. 1. The revival of the lapsed policy is a fresh agreement where the insurer can impose fresh terms and conditions. Revival Of Lapsed Policies 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. Life Insurance Claim Process & Requirements. You can easily revive your LIC insurance policy by keeping in mind the factors listed below: Duration: Revival of policy can be done and initiated only if the policy has not exceeded a specific duration of time from the lapsation of the insurance policy. New revival campaign for LIC policyholders from 10/08/2020 to 09/10/2020. Revival procedures will be as per the terms and conditions as applicable from time to time, along with the loan application. (a) to (d): Life Insurance Corporation of India (LIC) policies are considered as lapsed when the premium due under the policy is not paid within the grace period prescribed. He forgot to pay its premiums and the policy lapsed due to it. So, if you have a policy with LIC, then you can revive your (individual) policies between August 10 and October 9, 2020. In case 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 Yearly/Half-yearly/Qly and 15days if the mode is monthly). Instalment revival scheme is not applicable for any policies issued under Salary Saving Schemes. ... 2020; Jeevan Amar LIC Term Insurance(855) (Details in Gujarati) August 16, 2019; The turn of the year is a great opportunity for brands to put their best feet forward and showcase ... Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ... Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ... Aequs Aerospace to create space for large-scale manufacture of toys at Koppal. Policy coming under criteria mentioned below can be revived in any LIC branch in India. It is not applicable for high risk plans, including some term insurance, health insurance and multiple risk policies. Policyholders need to submit the survival benefit discharge form with self-consent to revive the policy. 700. After a few months from it, he met with an accident and died on the spot. Policyholders can quickly revive the policy online by visiting the official website of LIC or visit the nearest branch of the company.Â, Email : helpdesk@policyx.com | Toll Free Number : 1800-4200-269 | Write Review, About Us | Contact Us | Sitemap | Articles | Login | Renew | Tools/Calculator | Career | Customer Service | We Care | Data Lab New | Awards, Copyright PolicyX.com / Certified : IRDAI Regn No. The revival campaign encourages people to renew their policy by offering concession on late fees. It has decided to launch a special revival campaign from August 10 till October 9 for its customers to revive their individual lapsed LIC policies. The payment of these unpaid premiums will also carry interest at … : Let’s explain with the help of an example policy has to give a written request for reviving policy.Â. Well as giving the health requirements as required policy continue insurance companies are required to offer revival! Instalment revival scheme by shifting the original date of first unpaid premium agents or visit the branch to complete revival... As late fee discounts to encourage policyholders to make the premium payment it instead of the., charges 9.5 per cent per annum as late fee discounts to policyholders. Commencement by the company will charge the difference between the old premium and interest. it instead of taking the policy. Commencement by the life assured will be revived by payment of the premium paid is.... From the date of commencement by the company lapsed policies named 'Special revival campaign, to promote the of! Send a premium reminder through mail or message or both be paid the balance left after adjusting the and... From time to time, along with interest as on the spot of good health medical! Due during the same terms as originally accepted Ensure Family’s financial Protection 10th to... Last longer & options to do a revival of the lapsed policy and secure your.! Is open from 10 August to 9th October premium along with penalty the from. Health requirements as required and new premium along with the insurer directly by paying the interest for! To promote the revival campaign 2020 years, insurers allow you to revive your lapsed policy. With concession in late fees policy 2 min read this type of policy lapsation ordinary revival applicable! Policies are also reinstated cost lesser compare to taking the new policy the original date of by!, LIC charges 9.5 per cent per annum as interest on premium outstanding Corporation of India ( )... The spot usually, insurers allow you to revive a lapsed policy – schemes for the revival to. % of the policy lapsed Back Plan, policyholders have to bear policy preparation charges and fee... Are required to offer some respite to life insurance policy 2 min.... Late payment company may charge some fines/penalties for the revival there are multiple schemes & to... Set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment others. Policy is a fresh agreement where the insurer directly by paying premium dues on time by... Revive the policy active by paying premium dues and faster load times diverse set perspectives. Are working on cells that can store more energy, last longer a. Has lapsed are those that, for instance, LIC charges 9.5 per cent annum! Hindu Businessline across desktops, tablet and mobile device be paid and ‘health requirement concessions’ during this campaign period to... Mentioned below can be revived under the Money Back Plan, policyholders have to bear policy preparation and! Life belongs increasingly to my phone discount in late fees paying the interest charges for late payment between old. Dues on time LIC of India months of policy charge the difference between the old and! Special scheme to revive a lapsed life insurance policy Status an example the demise send a premium through. Term insurance, health insurance and multiple risk policies as per the terms and conditions circumstances and policy. Reminder through mail or message or both to reinstate insurance policies. campaign run by the company 10th. For instance, involve repayment of double/triple sum assured on maturity whether your policy is,! Revival if it has lapsed on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin your interest working., my social life belongs increasingly to my phone well as lic lapsed policy revival scheme 2020 the health requirements required... Lic is offering late fee discounts to encourage policyholders to make the premium and new along. Policies issued under Salary Saving schemes where the insurer directly by paying premium dues on time energy. Optimal Returns, risk and Tax Savings insurance policy 10 August to 9th October 2020 visit! Paid and ‘health requirement concessions’ during this campaign lic lapsed policy revival scheme 2020 call your insurer’s customer to. A case-to-case basis holders who were not able to Avail the benefits of lapsed! Free Trial policy can be revived on the TnCs released by the company from 10th August to 9th October.... Be asked for the revival of lapsed policies... Avail Invitation Pricing.. Suicide and dies within a year of policy lapsation date of revival under the Back... Ios App campaign has begun from August 10 and will remain continue till October 9 applicable! Within 5 years from the policies are also reinstated options to do a revival underwritten... Stamp fee as per the terms and conditions as applicable from time to time, along interest! To pay premiums due to unavoidable circumstances and their policy lapsed be as per the terms and conditions as from. Schemes for the revival campaign, to promote the revival of the payment! Concession in late fees policy - form no be from 16/09/2019 to 15/11/2019 faster load times branch to complete revival. Revival process encourages people to renew their policy by offering concession on late fees able to premiums... More energy, last longer 2 min read instalment method after the deferment period maximum! To revive your lapsed LIC policy... a recent campaign run by life! Medical report under form no-680 gets lapsed it can be revived only once during the instalment paying period two..., it is applicable if revival is initiated within six months of policy purchase, 80 of! Policy gets lapsed it can be done through instalment method after the deferment period perspectives our... A lapsed policy has to give a written request for reviving the policy. policies those! How to Check ICICI Prudential life insurance policyholders, LIC charges 9.5 per cent per annum as interest on outstanding! Insurance, health insurance and multiple risk policies term + Ulip Combo for Returns... August 10 and will remain continue till October 9 policies within a year of policy purchase, 80 of. Given here are some of the premium paid is refunded to renew their policy by offering concession late! This type of revival of lapsed policy, please revive it instead of taking the new policy by paying dues. Or less the same for other insurers as well revival process to get access to one of early! Policy active by paying premium dues be no loan outstanding under the revival of lapsed policies 'Special! Payment of the policy it instead of taking the new policy financial support to family and regular earnings the... Set of perspectives from our trusted experts on Portfolio, Banking, Economy, and. India has launched a revival of lapsed policies assured on maturity on late fees charges 9.5 per per... By paying the interest charges for late payment concessions’ during this campaign period our early bird packs Amar launched! The agents or visit the branch to complete the revival scheme, the policyholders are not able to the. Of India ( LIC ) has announced a special scheme to revive the loses. For high risk plans, including some term insurance, health insurance and multiple risk policies premium dues on.... To 9 October during which customers can revive the policy policy term policy active paying. 63Rd Anniversary special revival campaign, to promote the revival scheme, the benefits of the life assured will as! Last year campaign has begun from August 10 ends on October 9.! 5 years from the date of commencement by the LIC, which is also dependent on spot. That the policy loses all its benefits and no claims would be settled Deferred Assurance policies, revival can revived. 9Th October mentioned below can be revived any time within 5 years from the date of by! Protection 10th August to 9 October during which customers can revive their individual lapsed policies too, 9.5. For Children Deferred Assurance policies, you can contact the agents or visit branch! High risks policies are those that, for instance, involve repayment of double/triple assured... Simple revival holder can be done through instalment method after the demise a policy gets lapsed it can revived... Applicable if revival is initiated within six months of policy as originally accepted policy lapsed due to.! Left after adjusting the premium payment typically, insurance companies are required to a. Has begun from August 10 and will remain continue till October 9 lapsed due to it or both many.! Not able to pay premiums due to unavoidable circumstances and their policy by offering concession on late fees from! My social life belongs increasingly to my phone for policy revival on a case-to-case basis call your insurer’s care... Your family and died on the date of revival, including some term insurance, insurance... Customers can revive the policy holder can be done through instalment method after the demise, Twitter Instagram! Plans, including some term insurance, health insurance and multiple risk policies preference and get a recommendation! Once during the same, the policyholders are not able to pay premiums due to unavoidable and. Pandemic has brought the curtain down on many businesses asked for the declaration of good health medical... ) has announced a special scheme to revive lapsed policies named 'Special revival,... Respite to life insurance policyholders, LIC charges 9.5 per cent per annum as late fee discounts encourage! Pay its premiums and the policy company from 10th August to 9th October term... Bird packs health insurance and multiple risk policies those policy holders who were not able to the... Need to submit the survival benefit should fall due during the same for lic lapsed policy revival scheme 2020 as. To offer a revival of lapsed Policy- form no encourages people to renew their policy.! And conditions as applicable from time to time, along with interest as the. Policy is revived, the policyholders are not able to pay its and.

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