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.



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Changes in Our Business Model
25th Sept 2020
Greetings from Moneylife Advisory Services
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
Debashis Basu