Can I revive my LIC policy after 7 years?
Asked by: Miss Bella Monahan | Last update: February 11, 2022Score: 4.6/5 (60 votes)
The inclusion of revival of policy is a must to have as it provides an option to the insured person to renew the policy and continue with the coverage of the plan. The renewal of the lapsed policy can be done anytime within 5 years from the date of unpaid premium.
Can LIC policy be revived after 6 years?
LIC Policy Revival Schemes
The policy can be revived only once during the policy term. 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.
Can I revive my LIC policy after 8 years?
An insurance policy is considered 'lapsed' if the premium is not paid within the grace period, which is 30 days in case of annual, half-yearly and quarterly renewals and 15 days for monthly renewals. It can be revived any time within 5 years from the date of first unpaid premium.
How can I revive my old LIC policy?
The policyholder can revive a lapsed policy by paying the premiums with interest. LIC, acknowledging the clients' satisfaction, has announced a Lapsed Policy Revival Scheme for 2021.
Can a lapsed LIC policy be revived?
Policies, which are in a lapsed condition during the premium paying term and not completed policy term, are eligible to be revived in this campaign. ... Check concession in late fee for eligible LIC policies.
How to Revive lapsed LIC Policy I Detailed Process to Revive Policy in Hindi-2021 I BY MANOJ JAISWAL
How can I revive my lapsed PLI policy?
According to a press note issued by the Chief Postmaster General's Office, as a one-time measure, policies which have crossed 5 years since the date or last premium paid. Such policy holders may revive their policies, by writing to any nearest Post Office.
How do I know my LIC policy is lapsed?
Step 1: Go to the official LIC website, fill in your credentials like username and password. Step 2: Login to your account and select the option 'View Enrolled Policies'. Step 3: You will be directed to a page where you can see all the listed enrolled policies.
Can we surrender LIC policy online?
First keep in mind that as of now Surrendering LIC policy is not possible ONLINE. Also, you have to surrender the LIC policy at your servicing LIC branch ONLY. ... The reason for this is, your all policy documents like proposal forms, loan details and all other details will be available at servicing branch only.
How can I check my LIC policy surrender value online?
Step 1: Visit the LIC Branch workplace with the Policy bond. For that, solely the branch from wherever the policy was bought is to be visited. No alternative branch can entertain the request. Step 2: Ask for the surrendering type; otherwise, one might Download-LIC-Policy-Surrender-Form type from the LIC website.
What happens if I stop paying LIC premium after 3 years?
So if you have already paid 3 years' premium, not paying any future premiums will convert the policy into a paid-up policy. You won't get any money back in the year you turn it into a paid-up policy but will have to wait till the policy's original maturity.
How can I pay LIC premium after grace period?
You can apply for a card by visiting the LIC cards website. After linking LIC policy with your LIC credit card, the outstanding premium amount will be paid automatically after 25 days of the due date i.e, within the 30 days of the grace period. Using this, the life assured gets another 45 days to pay the bills.
How can I break my LIC policy before maturity?
- Original policy bond documents.
- Request for surrender value payment.
- LIC Surrender form- form 5074.
- LIC NEFT form.
- Bank account details.
- Original ID proof like Aadhar card, pan card or driving license.
- A cancelled cheque.
- Hand-written letter to LIC stating the reason to discontinue.
Can I surrender LIC policy in any branch?
The LIC policy can only be surrendered at the branch, where it's currently being served (i.e. Servicing Branch). So you need to change the policy servicing branch first, before surrendering it. This will add time for the surrender process.
What happens if I stop paying LIC premium after 1 year?
For single premium policies, the surrender value gets acquired after the first year itself. In case you haven't paid even 2 or 3 years' premium (as per the case above) and want to discontinue, the insurer will not pay you back anything and will not convert it into a paid-up policy either. The money is all but lost.
How can I check my LIC maturity amount?
Step 1:The insured needs to visit the official website of LIC. Step 2:On the home page, the user can select the option of "New User." Step 3:In the next step, he can fill up his personal details such as name, date of birth, policy number, mobile number, email address, etc.
How can I redeem my LIC policy online?
- Click on e-Services, login with your user-id and password.
- Register your policies for availing the e-services by filling up the form provided.
- Print the form, sign it and upload the scanned image of the form.
- Upload the scanned image of PAN Card or Aadhaar Card or Passport.
How much will I get after surrendering LIC policy?
The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
Can we change LIC policy plan?
After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. LIC allows certain types of alterations during the lifetime of the policy. However, no alteration is permitted within one year of the commencement of the policy with some exceptions.
How can I know my LIC policy no?
Locating the Policy number through LIC Portal
Login to the LIC portal and add the accurate details, and your policy number will be displayed on the screen. Note it down or save it for future reference. All the details including premium payment information, accumulated bonuses, etc.
How can I check my LIC policy without registration?
The Life Insurance Corporation of India provides an SMS number. It can be used to verify the status of a policy without having to register. You need to SMS ASKLIC<policy number>STAT to 56767877 from your registered phone number. Certain official and government procedures require proof of an individual's existence.
Can PLI be withdrawn?
Surrendering any policy is always a loss. Bonus on the reduced sum assured is paid only if the policy is surrendered after 5 years.
Is PLI eligible for 80C?
The Insurance policies offered through PLI have tax benefits which are predominantly under Section 80C which basically states that a policyholder having a policy issued on or before 31st March 2012 will be eligible to avail a tax deduction of 20% of the sum assured.
Can I withdraw my PLI before maturity?
No. You will get a portion of your money only if you have paid consecutive premiums for two years (if premium paying term is less than 10 years), and three years (if premium paying term is more than 10 years). If you surrender before this, you do not get back any money.