Can I revive my LIC policy online?

Asked by: Conor Hoeger DVM  |  Last update: February 11, 2022
Score: 4.1/5 (7 votes)

The revival of lapsed LIC policy is not an extensive process. Policyholders can quickly revive the policy online by visiting the official website of LIC or visit the nearest branch of the company.

How can I revive my 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 I revive my LIC policy after 5 years?

It can be revived any time within 5 years from the date of first unpaid premium. To revive a lapsed policy, you need to pay the accumulated unpaid premiums along with the interest. ... "If the policy was issued prior to the guidelines, the same will be renewed at the earlier terms and conditions.

What if LIC policy is lapsed?

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. Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

Can I revive LIC policy at any branch?

LIC policy holder can revive his/her policy in any branch of LIC if their policy fulfill any of these below mentioned criteria: ... Policy holder must be 18 years or above on the date of revival. Revival under pure endowment plan (21) and annuity plans like 96, 45, 116 and Jeevan Suraksha Plan 122 (without life cover)

How to Revive lapsed LIC Policy I Detailed Process to Revive Policy in Hindi-2021 I BY MANOJ JAISWAL

38 related questions found

How can I recover my lapsed LIC policy?

The revival of LIC Insurance policy can be done in 5 ways:
  1. Ordinary Revival. The policyholder can revive their lapsed life insurance policy by paying all the unpaid premiums including the interests altogether. ...
  2. Special Revival. ...
  3. Installment Revival. ...
  4. Survival Benefits Cum-Revival Scheme. ...
  5. Loan Cum Revival Scheme.

How can I check my LIC policy surrender value online?

How to Check the Surrender Value of your LIC Policy? You can calculate the surrender value of your policy using this simple formula [Basic sum assured (Number of premiums paid/Total number of premiums payable) + Total bonus received] x Surrender Value Factor.

How long do you have to reinstate a life insurance policy?

A life insurance policy may typically be reinstated within 30 days of a lapse without additional paperwork, underwriting, or attestations of health. Insureds often pay a reinstatement premium, which is larger than the original premium.

Can you get money back from a lapsed life insurance policy?

If you cancel or outlive your term life insurance policy, you don't get money back. However, if you have a "return of premium" rider and you outlive the policy, premiums will be refunded.

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 get LIC maturity amount online?

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.

What happens if I stop paying LIC premium after 4 years?

Life Insurance

Term: If you stop paying premiums, your coverage lapses. Permanent: If you have this type of policy, you will have the following choices: Cash out the policy. This means that you can stop paying the premium and collect the available cash savings.

Can we cancel LIC policy online before maturity?

How To Surrender LIC Policy
  1. Original policy bond documents.
  2. Request for surrender value payment.
  3. LIC Surrender form- form 5074.
  4. LIC NEFT form.
  5. Bank account details.
  6. Original ID proof like Aadhar card, pan card or driving license.
  7. A cancelled cheque.
  8. Hand-written letter to LIC stating the reason to discontinue.

What is the advantage of reinstating a policy?

The benefit of reinstating an existing policy rather than applying for a new policy is that you'll likely pay less. If your health hasn't changed, your insurer will honor the original pricing on your policy, Ardleigh says. If your health has changed, that could affect your rate (or your insurability).

What is reinstated with lapse?

A reinstatement from lapsed coverage is the more serious condition of the two. It means that there has been a period of time in which you were not covered by an auto insurance policy because the company has canceled your coverage.

How do I write an insurance reinstatement letter?

How to write a reinstatement letter
  1. Know who you're writing to. ...
  2. Look at the current job openings. ...
  3. Start with a friendly introduction. ...
  4. State the reason for writing. ...
  5. Explain why they should hire you. ...
  6. Conclude with a call to action. ...
  7. Include your contact information.

What is reinstatement premium?

A reinstatement premium is a premium that must be paid to activate an insurance policy again after the coverage has ceased. Reinstatement premiums are commonly used in life insurance because people often decide that they want to continue receiving life insurance coverage after their term life policies expire.

What is reinstatement cost?

The Reinstatement Cost of your home is how much it would cost to completely rebuild the property if it were totally destroyed, for example by a fire. ... Reinstatement Costs are for an accurate reconstruction of your property.

How can I redeem my LIC policy online?

a. If already registered on LIC Portal:
  1. Click on e-Services, login with your user-id and password.
  2. Register your policies for availing the e-services by filling up the form provided.
  3. Print the form, sign it and upload the scanned image of the form.
  4. Upload the scanned image of PAN Card or Aadhaar Card or Passport.

Can I surrender LIC policy after 2 years?

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.

How can I see my LIC policy status online?

Check LIC Policy Status Online (For Registered User)

Step 1: You must visit the e-Service Portal of LIC. The screen will show you two options namely, New User and Registered User. Click on the relevant option. Step 2: You will need to enter the LIC of India login credentials namely, your User Name and Password.

Can LIC policy be closed?

A policyholder can surrender his/her policy only after the completion of 3 years, i.e. the policy has to have been in force for a period of 3 years, at least. The surrender value provided by LIC is essentially 30% of the premiums that have been paid so far.

How can I know my LIC policy no?

Contact Home Branch

While visiting the LIC branch, make sure to bring your PAN card and other ID cards. LIC officials validate the details of the policyholder. Once the verification has been completed, the LIC staff provides you the policy number.

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.

What happens if you don't pay LIC premium after 5 years?

In case of ULIP (unit-linked insurance plan), if you skip paying the premium in the first five years or during the lock-in period, the policy is considered lapsed. Your benefits move to a discontinuance fund and is payable only after the lock-in period.