Life Insurance Policy helps to deal with any sudden adversity happens to anybody at any moment in Life. The policy plays role of a rescuer and savior for its policy holders and their family in hard times, where they urgently needs money.
The day you purchase life insurance, it’s become important to renew it on time. By chance you missed it, then the only option left is to revive the policy.
At the same time, you will not get any of the benefits from LIC policy. Normally, LIC companies proffer a revival period of 2 years to restart policy.
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Know About These LIC Policy Revival Schemes
LIC of India proffers many types of revival schemes to help policy holders to revive their policy.
1. Special Revival Scheme: – Under the Special Revival Schemes, the intimation date of the Policy holder can be altered, they need to pay a single premium as per the age at the time of revival.
Few Conditions-
- Your policy can revive only once in the whole policy period.
- The policy can revive if it has not expired for a period less than 6 months or more than 3 years.
- Need to give a written appeal to revive the policy.
- Changing the previous data to start by the period of maximum 2 years.
- Under the Money Back plan, he/she have to bear the expenses for preparation charges and stamp fee.
- Need to pay the charge of the time between old and new premium adding interest as on the date of revival
2. Instalment Revival Scheme: – The scheme helps the policy holder who are unable to pay the policy premiums in one go and want to pay it in installments.
Few Conditions:-
- Policyholder don’t owe any outstanding debt or loan.
- No survival benefits should be pending.
- For children Deferred Assurance policies, the revival will be done via instalment method after completing deferment period.
- This scheme cannot be avail for policies issued under salary saving schemes.
3. Survival Benefits Scheme: – One can revive the money- back policies by using the survival benefit schemes.
Few Conditions:-
- Process will be as per the terms and conditions applicable from occasionally, together with the loan application.
- Under this scheme, policy holders has to submit the survival benefit discharge form.
4. Loan cum Revival Scheme: – The policy revive through retrieving arrears of premium from the amount remaining amount as a loan.
Few Conditions –
- If the loan amount is insufficient to retrieve the arrears, then the difference amount has to paid by the policy holder in the branch.
- The insurer then pay the remaining amount after adjusting the premium and interest.
So, as you already read various schemes to revive the lapsed LIC policy and understood the process, further you need to simply visit the official website of LIC or visit the nearby branch of the company.
