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It is extremely important for a policyholder to make timely premium payments towards his or her insurance policy. If the due premium is not paid, the policy stands to be lapsed, and the coverage and protection extended by the insurance policy stands to be terminated.
Generally, insurance companies provide a 15-day grace period from the due date for policyholders to make premium payments. If the policyholder pays his premium within the grace period, the policy will not be terminated, but if the policyholder fails to make a payment even within the grace period, the insurance policy will be terminated.
There are rare instances where you may have missed paying your LIC policy premium even during the grace period. This will lead to your LIC policy getting lapsed. The question is, can you revive your lapsed LIC policy? The answer is “Yes,” your lapsed LIC policy can be revived.
We will talk about the various ways on how your policy can be revived. Stay tuned.
Your lapsed LIC policy can be revived via an online as well as an offline method. Let us discuss both cases below.
Let us go through the steps that need to be followed in order to revive your LIC policy online:
Once you visit the official LIC website, click on “Login to Customer Portal”
Click on “New User”. Once you click on “New User,” you will be redirected to a page that will ask you to fill in your details.
Here you will need to fill in the following important details such as:
Once filled, click on “Proceed”
Once you click on “Proceed”, you will be redirected to a page that will prompt you to enter your desired user ID and password. Select your desired user ID and password and login to your new LIC account.
Your lapsed LIC policy will be revived post premium payment.
Your lapsed policy can even be revived offline as well. Let us discuss about the steps needed to review your LIC policy via the offline method.
Locate your nearest LIC branch here, and visit them personally with the policy documents and your original identification.
Once in the LIC office, kindly ask the officer to direct you to the policy revival section. Now you will need to furnish your policy document and photo ID to the officer.
Ask for the policy revival form, and fill it up accurately.
Once the form is filled and appropriate documents are furnished to the officer, you will be required to make the premium payment which was due along with any penalty amount.
Post payment, your lapsed policy will be revived.
Frequently asked questions
Yes, LIC offers the option of reviving your lapsed LIC policy online through the official LIC portal.
Yes, the policyholder will have to pay all the missed premiums along with a penalty amount levied by LIC.
The penalty amount is 8-9% on unpaid premiums.
Your lapsed LIC policy can be revived between 6 months to 5 years from the date of lapse of policy. Different policies have different time period. Kindly check with an LIC officer to verify the time period.