How do you revive lapsed policies?

Can I claim lapsed policy?

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. A lapsed policy has to be revived by payment of the accumulated premiums with interest as well as giving the health requirements as required.

What is reinstatement policy?

Definition: If an insured person fails to pay the premium due to various circumstances and as a result the insurance policy gets terminated, then the insurance coverage can be renewed. This process of putting the insurance policy back after a lapse is known as reinstatement.

Can I revive my LIC policy after 10 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.

What is policy revival?

Description: During the revival period, the policy is reinstated on the basis of certain conditions. In one case, the policy holder needs to pay the interest along with the unpaid premium. In another case, the policy holder needs to undergo medical tests in order to reinstate the policy.

What happens if I stop paying LIC premium after 5 years?

The contract between the insurer and insured is voided, the life-insurance element will cease to exist once the policyholder has surrendered their policy. Thus any benefits before available will no longer be valid.

How do I know my LIC policy revival amount?

What is special revival in LIC?

The insurer has launched Special Revival Campaign from 7th February 2022 that will remain available till 25th March 2022. Under this campaign, life insurance policyholders will be able to revive their individual lapsed policies with concession in late fee.

How can I check my LIC policy status lapsed?

What's a reinstatement cost?

The reinstatement cost (also known as rebuild cost or building sum insured) of your home, is the amount it would cost to completely rebuild the property from scratch if it were totally destroyed, by a fire for example. It includes, costs of clearing the site, materials, labour and professional fees.

What is the time limit for the revival of the policy?

Usually the life insurance policy has a revival period of 2 consecutive years since the policy has been lapsed. Under the revival period the policyholder can revive the life insurance policy by making the due premium payment along with applicable charges.

Can paid up policy be revived?

If you skip paying premiums after the lock-in period, the insurer lets you choose between surrendering the policy, reviving it or converting it into a paid-up policy with reduced sum assured.

What options are available to the insured in respect of lapsed policy?

Revival/ Reinstatement of Lapsed Policy

Most insurance policies offer a revival feature. With this, the insured can 'revive' his/her lapsed policy, if he/she comes to the decision of renewing it. There is a process that needs to be followed for reinstatement of the life insurance plan.

How many types of revival are there?

Types of Revival Schemes in LIC

There are five types of schemes are available in LIC of India. These are Ordinary Scheme, Special Scheme, SB cum Revival scheme, loan cum revival scheme and installment revival scheme.

Can a Cancelled insurance policy be reinstated?

If your policy has been canceled, you may be able to get it reinstated by contacting your insurance provider, depending upon their rules and your state's laws. Reinstatement is defined as the restoring of a canceled policy to full force and effect.

What is an example of reinstatement?

After his name was cleared, he was reinstated as committee chairperson. The school board voted to reinstate the school's uniform policy. the year the death penalty was reinstated.

How do I write an insurance reinstatement letter?

What is lapse terminated refunded?

In both the cases the policy gets lapsed and the cover is lost. A lapsed policy is when a customer misses the premium or such as in case of permanent life if the cash surrender value is worn out.

How can I pay LIC premium after grace period?

Once you have linked your LIC policy with your LIC credit card, it will pay the outstanding premium amount automatically after 25 days of the due date (within the 30-day grace period). Through this way, the policyholder gets another 45 days time to pay the credit card bill.

What happens if I dont want to continue my LIC policy?

So if you have traditional life insurance policy and want to discontinue it, there are two broad options: First, convert it into a paid-up policy without exiting, and second, surrender and ask the insurer for the surrender amount by completely exiting the policy.

How much money will I get if I surrender my LIC policy after 5 years?

Moreover, if you have paid your premiums for more than four years, but less than five years, then you will receive 90% of the total maturity sum assured as a special surrender value. A 100% special surrender value is given out if the policyholder has regularly paid the premiums for five years.