How To Revive Lapsed LIC Policies
Below is the LIC Policy revival process. Have a look:
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Payment of Outstanding Premiums: The first step in reviving a lapsed LIC policy is to clear all outstanding premiums. This includes the overdue premiums for the lapsed period. Policyholders can pay these premiums along with any applicable interest to bring the policy up to date.
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Submission of Revival Application: Once the outstanding premiums are paid, and any necessary health declarations are made, policyholders must submit a revival application to the LIC. This application typically includes details about the policy, the reason for the lapse, and any relevant health information.
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Approval and Issuance: After reviewing the revival application and ensuring all requirements are met, LIC approves the revival. The policy is then reinstated, and the policyholder receives a revived document.
Wrapping It Up
Reviving a lapsed LIC policy is a financial lifeline for individuals who may have faced challenges in maintaining their premium payments. It not only reinstates the policy's financial security and allows policyholders to continue building on the benefits and values associated with their LIC policy coverage.Â