A Life insurance policy is a must for an individual as the insurance will help the family of the individual when the person suddenly demises. Life can be very unpredictable which makes it necessary for you to have a Life Insurance policy. There is a lot of insurance agencies that offer a lot of policy but the best insurance agency is LIC as it is a Government operated insurance firm. In any policy, when the insurer does not pay the premium for a long time due to unavailability of funds then the policy get lapsed. The lapsed policy will no more cover the insurer with the benefit until and unless the policy gets revived.
If the policyholder does not pay the premium within the provided Grace period then the policy gets lapsed. At this stage all the insurance coverage provided to the policyholder is also levied off therefore, it becomes extremely important to revive the lapsed policy as it helps the policyholder to continue his LIC Policy. LIC provides numerous options for reviving the lapsed policy these options are as follows-
Types of LIC Policy Revivals
Ordinary Revival-
In this type of revival, the policyholder has to pay all unpaid premiums with the interest as a lump sum amount with a good health medical checkup report.
Special Revival
When the policyholder does not have funds to pay in a lump sum when the policy is shifted and policyholder needs to pay only one premium after which a special revival benefit will be provided to the policyholder. There are few conditions that have to be met by the policyholder and are as follows-
- Special revival is only available once in the policy period and the revival under this has to be done within the 3 years of policy lapsation.
- Special revival benefit will be provided as the benefit after the policy is matured
Installment Revival
As the name suggests, the premiums are paid in the installment instead of a lump sum or special revival. Under this scheme, the premiums are paid in the following ways-
- In the yearly premium mode, the policyholder needs to pay half of the yearly premium.
- In the half-yearly mode of premium payment, the policyholder needs to pay one half of the yearly premium.
- In the quarterly premium payment mode, two quarterly payments are required to be paid by the insured person.
- The insurance holder can pay a regular 6 monthly premium under the monthly mode of premium payment
Survival Benefit Cum Revival Scheme
Survival benefit is the money back policy. If the survival benefit due date comes earlier than the in line for renewal date then the insured person can avail survival benefit to revive the policy. However, the policyholder will have to pay the excess amount in case the revival amount is more than survival benefit and if the revival amount is less than the survival benefit then the rest of the remaining amount is paid back to the Policyholder.
Loan Cum Revival Scheme
If the policy has achieved the surrender value then you can avail a policy loan the policyholder has to pay the additional amount in case there is any deficit in the revival amount. If the loan amount is more than the revival amount than the extra amount will be paid to the policyholder
How to Revive LIC Policy Online?
Policy can be revived easily without any problem. You need to contact the LIC agent who did your policy. The agent will submit the form and payment to the LIC office and your policy will come to effect again. If you have taken the Policy online from the official website of the LIC then you can use the LIC E-Login to revive the LIC Policy. You can contact the LIC Customer care number if you experience any issue while reviving the LIC Policy.
