Life Insurance Corporation of India (LIC) plays a vital and crucial role in providing a complete security and protective shield during any unforeseen or unfortunate event. During an unfortunate event in your family where financial assistance is required, you can take advantage of this insurance to save the life of the insured person as well as the lives of the family members.
You should always keep in mind that to keep your insurance policy active you must all your premium payments on time and before the due date to avoid any charges. You should know that if you miss your three consecutive premium payments then your LIC policy will expire.
Although most of the companies provide a grace period of 15 to 30 days to pay the premium amount. The coverage amount doesn’t expire even when people don’t pay the premium amount even during the grace period. The policy lapses only when the people fail to pay the premium amount even during the grace period.
When people fail to pay the premium on time or even during the grace period it becomes necessary to revive the lapsed LIC policy. When the insurance plan expires the insurer is not entitled to any benefits of the policy. So it is very important to keep reviving your policy. Keep in mind, that LIC provides a chance to keep renewing the expired insurance within around 2 years.
How Can I Renew My Expired LIC Policy?
- You can renew your expired LIC policy by paying the late payment interest. The policyholders can renew their insurance contracts with the insurer,
- You can also renew the policy by paying the renewal charge, late fee, and additional interest or penalties levied on you in accordance with the terms of your insurance policy.
- You can also start the process of the renewal by contacting your agents or simply visiting the branch office.
Step-By-Step Guide To Revive An Expired Insurance Using Specific Revival Plan
- Send a written request, a copy of the policy, identification and address evidence, and, if necessary, a medical report to LIC.
- LIC will calculate how much revival is necessary.
- Make the LIC the payment that is required.
- After that, LIC will revive the policy and give the policyholder new policy paperwork.