Lic: If you have not been able to fill the policy of LIC on time, then there is no need to get upset. LIC, the country’s largest insurance company, gives its policyholders a chance to re -activate their closed policy. Whether you have been taking a policy for a long time or new customers, if the premium has missed, you can resume your policy with some easy ways.
What happens when the LIC premium is missed?
The company gives a grace period for not filling the premium in the LIC policy. 15 days discount if you have chosen a monthly installment. A 30 -day discount if the premium quarter, half -yearly or annual grace period is available. If you do not fill the premium even in this grace period, then your policy laps. That is, your life insurance policy is canceled. Bonus and loyalty benefits are stopped. Maturity and survival benefits stop getting.
How to activate LIC policy again?
LIC gives you many options to restart the policy.
Ordinary Revival
The policy can be resumed within 2 years. For this, 8-10% interest is to be paid with all the outstanding premiums and submitting a health declaration.
Special revival
If the policy has been closed for 2 to 5 years, then the date of start of the policy can be changed in this option. This benefits that the premium burden may be slightly reduced.
Loan low revival
If your policy has a surrender value, then the loan can be repaid by taking a loan from that and the policy can be started.
Installment revival
The outstanding amount is available to fill in installments. It is not necessary to pay huge amount at a time.
Revival campaign
LIC runs a special campaign from time to time in which late fees are waived and gives a good opportunity to restart the policy. If your policy is closed for a long time or the insurance amount is very high, then the company can demand a medical report.
Way to turn on the policy again
Contact your nearest LIC branch or agent.
Check the status of the policy.
Fill the form of Form 680 or restart.
Pay all outstanding premium and interest.
PM Kisan 20th Installment Date: Will the 20th installment of PM farmer come in the first week of July? Aya this update