How To Revive A Lapsed LIC Policy?
LIC has a scheme to revive the lapsed policy, You can Download LIC Policy Revival Form No. 680 and submit it with other documents to revive the LIC policy and enjoy all the benefits of the Policy. LIC policies lapse when the premium is not paid on time. Lapsed LIC policies can be revived using LIC policy Revival Form No. 680.
Hey there, policyholders! If you ever need to reactivate your policies with the insurer, it’s a breeze! Just pay the late payment interest, and you’re good to go. Keep in mind that the final decision to accept or reject the policy rests with the insurer, but no worries, they’ve got your back.
The best part? When you reactivate your policy, all those fantastic advantages of the plans come right back into play! It’s like getting a fresh start with added perks.
If you prefer to stay in the comfort of your home, reach out to your insurer’s helpful customer service department. They’ll be more than happy to guide you through the revival procedures.”
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What is the Validity of your LIC Policy?
If your policy has expired and hasn’t been inactive for more than three years or less than six months, you can bring it back to life. Just make a formal request to revive your LIC insurance policy under the unique revival scheme and Download LIC Policy Revival Form No.680.
But here’s the catch: if you don’t make the payment within the grace period, which is 15 days for monthly renewals and 30 days for annual, half-yearly, and quarterly renewals, your insurance policy is considered “lapsed.”
Don’t worry, though! Within five years from the date of the initial unpaid premium, you have the opportunity to reactivate it at any time. So, stay on top of things, and your policy will be up and running again!”
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Renewing your LIC Policy with Download LIC Policy Revival Form No. 680
What happens once you renew your life insurance policy? This is a common question asked by policyholders. Well, renewing your life insurance policy is just like when you first purchased it straightforwardly. All you need to do is ensure your premiums are up-to-date and that you haven’t allowed your policy to lapse before renewing the coverage. If your insurance does lapse, you’ll need to reapply for coverage.
After you renew your life insurance policy, the insurance company will send you a renewal notification. From there, you can easily arrange the premium payment. Just remember, if the payment is not made on time, the insurance policy will expire and lose its effectiveness.
Conclusion
LIC policies can now be easily purchased online. With over 20 crore policyholders, LIC stands as India’s largest and most reliable life insurance provider. Offering various options, including term, whole life, endowment, child, pension, and health plans, LIC has you covered for all your insurance needs. To buy a life insurance policy from LIC, visit their website and create an account. Once you’re signed in, you can choose the policy that suits you best. However, don’t forget to thoroughly understand the policy’s terms and conditions before deciding.
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