Table of Contents
- 1 Can lapsed LIC policy be revived online?
- 2 How can I recover my lapsed LIC policy?
- 3 Can a lapsed LIC policy be surrendered?
- 4 How can I get LIC surrender value?
- 5 What is the reinstatement period for a lapsed life insurance policy?
- 6 Why is my LIC policy not having any surrender value?
- 7 Can I revive a policy which has lapsed after 5 years?
- 8 How to revive your LIC insurance policy?
Can lapsed LIC policy be revived online?
The revival of lapsed LIC policy is not an extensive process. Policyholders can quickly revive the policy online by visiting the official website of LIC or visit the nearest branch of the company.
How can I recover my lapsed LIC policy?
The policyholder can revive a lapsed policy by paying the premiums with interest….Types of LIC Policy Revival Schemes
- Installment Revival Scheme.
- Loan cum Revival Scheme.
- Special Revival Scheme.
- Survival Benefit cum Revival Scheme.
What happens if LIC policy lapsed without surrender value?
In case of death of the policyholder when a policy has lapsed, if the policy has acquired surrender value, then claims will be settled to that extent by the insurer. If not, the policy loses all its benefits and no claims would be settled.
Can a lapsed LIC policy be surrendered?
Guaranteed Surrender Value: A policyholder can surrender his/her policy only after the completion of 3 years, i.e. the policy has to have been in force for a period of 3 years, at least. The surrender value provided by LIC is essentially 30\% of the premiums that have been paid so far.
How can I get LIC surrender value?
How Is LIC Surrender Value Calculated? The surrender value of the policy, only after 3 successful years of premium payments, can be calculated as: {Basic sum assured X (number of premium paid/ total number of premium payable) plus total bonus received}, X, the factor of surrender value.
How can I reinstate my LIC policy?
To reinstate a lapsed policy, the policyholder needs to make an application for revival to the insurance company. The company may prescribe submitting a standard revival form. It is recommended to take advice from the insurance agent or visit the company branch to understand the process.
What is the reinstatement period for a lapsed life insurance policy?
A life insurance policy may typically be reinstated within 30 days of a lapse without additional paperwork, underwriting, or attestations of health. Insureds often pay a reinstatement premium, which is larger than the original premium.
Why is my LIC policy not having any surrender value?
Hence policy is lapsed. And your policy is not having any surrender value because it did not run three years. BTW, you can revive the policy and pay all the premium to get all the benefits under your policy. Currently, LIC is giving discounts to revive the policy.
What is the revival of a lapsed LIC policy?
The revival of lapsed LIC policy arises when the insured is unable to make the payment of premiums on-time or within the grace period. During the same, the policyholders are not able to avail the benefits of the life insurance policy. Typically, insurance companies are required to offer a revival period of two years to reinstate insurance policies.
Can I revive a policy which has lapsed after 5 years?
Normally you cannot revive a policy which has lapsed for more than 5yrs. Sometimes, LIC gives a chance to reinforce such policies thru special revival scheme. Presently, there is none. Even if they come out with such campaigns, the interest charged is compounding, hence not feasible.
How to revive your LIC insurance policy?
You can easily revive your LIC insurance policy by keeping in mind the factors listed below: Revival of policy can be done and initiated only if the policy has not exceeded a specific duration of time from the lapsation of the insurance policy. The period will be determined by the LIC, which is also dependent on the type of policy.