Along with buying life insurance, it is also important to pay its premium on time. Failure to do so will result in policy lapse. In this case, there is a need for revival of the policy. There are several ways to get the policy revived when it lapses.
Along with buying life insurance, it is also important to pay its premium on time. Failure to do so will result in policy lapse. In this case, there is a need for revival of the policy. There are several ways on how to get the policy revived when it lapses. Let us know what it means to have LIC Policy Lapse and how to start it again.
Ordinary/Simple Revival of Insurance Policy
The lapsed policy can be easily revived in this scheme. Yes, interest has to be paid along with the premium. The policyholder must do so within 6 months from the date of policy lapse. LIC will not ask for any document regarding the health condition of the person who is the policy holder.
Medical Basis Policy Revival
Such policies, which cannot be revived on Ordinary Revival Scheme or Non-Medical Basis, then you can revive the policy again by answering the medical records and other questions asked by LIC.
Special Revival Scheme of Policy
The policyholder will pay a single premium as per the age at the time of revival. One can avail the special revival plan only after paying the full premium. Under this scheme, the insurance company may ask you to declare good health and certain medical records.
Installment Revival Scheme of LIC Policy
This is a better revival plan. This plan is for those who cannot pay the premiums all at once. Individuals choose the option of Installment Revival Scheme. If you are going to choose this scheme, then there are some ways through which you can continue with it.
- For yearly premium payment, the individual has to pay the annual payment amount.
- You can pay premium twice a year in half-yearly premium payment.
- In quarterly premium payment, premium has to be paid every quarter.
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