LIC Policy Revival Updates: If you have lost or stopped any policy of Life Insurance Corporation of India, now you can get it revived.
Actually, the policy lapse if the premium of the life insurance policy is not deposited on time. In such a situation, do not be disappointed, the closed or lapsed policy can be revived by the insurance company. We are telling you the whole process for this.
Condition of policy lapses: Policy lapses are considered for not depositing premium for a minimum of one year. However, this period can be different in different companies. If the premium is not deposited for three years, the policy is declared laps and the information is sent to the policy holder via SMS. According to the Life Insurance Corporation of India, if the premium is not deposited for five years, the policy is declared completely lapse. It cannot be revived.
Policy Revival Procedure
Revival quote will have to be taken: Revival quote will have to be taken by going to the nearest branch of the insurance company, after which the amount of the remaining premiums will be added.
Revival penalty will also have to be submitted: Along with this, revival penalty will also have to be submitted. Declaration of better health also has to be submitted according to the age of the policy holder and the amount of the policy.
Medical report has to be submitted: If there is medical history or medical checkup is done, then medical report has to be submitted.
Form No 680: Life Insurance Corporation of India has a form for it, which is a Revival Form (Form No 680). With this form, the total amount of premium (along with penalty) and copy of your ID and address proof has to be submitted. If this amount will be more than 50 thousand, then a copy of PAN card is also required to be submitted. It can be deposited in the nearest branch of the company.
Keep these things in mind: Before reviving a lapsed policy, consider a few things, first of all know that buying a new policy is sometimes more economical than reviving the policy. Second, insurance companies often run policy revival camps. In such a situation, it is much cheaper to restart a lapsed policy.