What happens if you miss your LIC premium due date?

What happens if you miss your LIC premium due date?

The policy lapses when the premium is not paid even within the mentioned grace period. If the grace period of your policy expires on some public holiday or on Sunday, then you may pay the premium on the following working day in order to keep your policy in force.

What are the late payment charges for LIC?

Revival of LIC Policy

Months (Delayed) Late Fee for 1 Re per Premium
1st Month 0.005 0.00625
2nd Month 0.01 0.0125
3rd Month 0.015 0.01875
4th Month 0.02 0.025

What is the grace period for LIC premium payment?

Payment of Premiums: A grace period of one month but not less than 30 days is allowed where the mode of payment is yearly, half-yearly or quarterly and 15 days for monthly payments. If death occurs within this period, the life assured is covered for full sum assured.

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Can we pay LIC premium before due date?

When can the premium be paid? Premium can be paid 30 days before the due date to till the policy is in force.

What is the grace period of LIC premium?

What happens if LIC premium is not paid on time?

If you are also the one who has missed the payment of LIC premium within the date due, then do not worry. This is because LIC provides a grace period for LIC premium payment during which you can pay the premium of your LIC policy without paying interest on it. Let us understand the grace period in detail:

What is the grace period for missed LIC premium payment?

Missed LIC Premium Payment, pay within 30 days, without any interest. If you have missed the LIC premium within the due date there is still time for you to make the payments without payment of interest on the premium. This period is called the Grace Period. (with the exception of some plans). 1.

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How many months in advance can I deposit my LIC premium?

For premium falling due in next financial year, you can deposit maximum of 3 months in advance of premium due date. ie if you desired to pay advance premium due in 28/07/2017, then it is not possible on current date. What is the late payment charge for an LIC premium for half yearly and quarterly?

What is the renewal date of an LIC policy?

The renewal date of a policy is exactly one year after the previous year’s premium payment date. However, in order to make the premium payments easier, the insurance company like LIC allows a grace period of 30 days for paying the renewal premium.