Reviving a lapsed Life Insurance Corporation (LIC) policy involves several steps. Here’s a detailed guide to help you through the process:
1. Check the Policy Status
Policy Document: Review your policy document for the specific terms related to policy revival.
LIC Portal: Log into the LIC online portal to check the status of your policy.
2. Determine Eligibility
Lapsed Period: Determine how long the policy has been lapsed. Generally, policies can be revived within five years from the date of the first unpaid premium.
3. Choose the Revival Scheme
LIC offers different schemes for policy revival:
Ordinary Revival: Pay all unpaid premiums with interest.
Special Revival: Change the original policy date to a new date within the policy term, making it more affordable.
Loan-Cum-Revival: Use the policy's surrender value to pay the outstanding premiums.
Survival Benefit-Cum-Revival: Utilize the survival benefit to revive the policy.
4. Calculate Revival Cost
Premiums Due: Total of all unpaid premiums.
Interest: Interest on the unpaid premiums, which varies by policy.
Late Fee: Sometimes a late fee might be applicable.
5. Gather Necessary Documents
Revival Form: Obtain the policy revival form from the LIC website or nearest branch.
Health Declaration: Depending on the policy type and lapsed period, a health declaration or medical examination may be required.
ID and Address Proof: Ensure you have updated ID and address proof.
6. Medical Examination (If Required)
Medical Tests: Complete any required medical tests at designated LIC medical centers or approved hospitals.
Medical Reports: Submit the medical reports as part of the revival process.
7. Submit the Application
Fill Out Forms: Complete the revival form and any additional forms required for your specific policy and revival scheme.
Submit Documents: Submit the filled-out forms, medical reports, and other necessary documents to your nearest LIC branch.
8. Make Payment
Payment Methods: Pay the revival amount through cash, cheque, or online via the LIC portal.
Receipt: Ensure you get a receipt for the payment made.
9. Follow Up
Branch Visit: Visit the LIC branch or contact their customer service for updates on the revival status.
Track Online: Use the LIC online portal to track the status of your policy revival.
10. Confirmation of Revival
Policy Document: Once the policy is revived, you will receive a confirmation letter and an updated policy document, if applicable.
Verification: Verify the details in the confirmation letter to ensure everything is correct.
By following these steps, you can successfully revive your lapsed LIC policy and ensure continued life coverage. If you face any difficulties, consider seeking assistance from an LIC agent or visiting an LIC branch for personalized support.
Parag Nesarikar
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