To renew lapsed LIC policies that have expired, LIC runs a special revival campaign.

Life Insurance Company launched a unique initiative to reopen insurance policies that had expired, enabling policyholders to resume their coverage. The campaign will run till March 24, 2023. LIC is also waiving late fees throughout this period. 

 

When a policy gets expired the policyholders are no longer able to avail the advantage of the protection and benefits it offers. When premiums are not paid by the due date, a policy expires, and until the insured renews the procedure, the terms and conditions of the policy contract are void.

 

In general, insurers provide their customers with a two-year window to renew their policies. The coverage expires if premiums are not paid within the allotted grace period. 

 

Additionally, any qualified insurance that is revived as part of this campaign and registered with BILL Pay and the National Automated Clearing House (NACH) will be charged a special offer late fee of Rs5. (excluding GST). 

 

How to revive lapsed policy?

 

According to LIC, "the revival of the discontinued policy takes effect only after the same is approved by the corporation.” 

 

According to LIC, a lapsed policy must be reinstated by paying the accrued premiums with interest in addition to meeting all necessary health standards. 

 

As part of the revival, the policyholder must pay an additional renewal fee, a late fee, and interest/penalties on the past two years' worth of unpaid premiums.

 

Even a second medical examination may be required by the insurance provider for a term insurance policy.

 

Customers can renew their policies even after two years during revival campaigns, subject to a variety of restrictions that vary from insurer to insurer and plan to plan.