This article explains how to revive the lapsed insurance policy in case of failed in paying the premium. It is one of the most common problem for the policy holder, they may miss the due date for several reasons and tend to revive the policy later. It involves certain procedures and penalty for reviving the insurance policy. The intention of this article is to bring those important facts for our readers. Also, read our previous article on how to pay the premium online?. I would like to hear feedback from you after reading the article. Please subscribe to our future articles here.
Revive Insurance Policy
As we know that there is one month grace period for the insurance premium due. You have to pay the premium before end of the grace period to avoid the policy lapse.
- If the premium paid with in six months, you can pay the premium with 8% interest to revive the policy before six months of time. It is applicable for those who paid the premium up to three years without fail.
- If you can not pay the premium more than six months, there is more procedure to revive the policy. You can revive the policy with in four years. Follow the steps to revive the lapsed policy:
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- You have to pay the unpaid premiums with high interest rates 12-18% with Rs.500 penalty.
- Take a medical check-up and submit to the insurance company. You will have to bear the cost for the medical check-up.
- Once the period during which revival is possible is over, the contract is terminated and the fund value is paid to the insured after deducting charges.
- If you have any lapsed policy, please revive it instead of taking the new policy. It cost lesser compare to taking the new policy.
Summary
The above points clearly explained the importance of paying the premium due on time. You can choose the best suitable payment mode for you to pay regularly. If you have online account, paying premium through online is much simpler. Hope you have enjoyed this article. If you would like to receive more tips on insurance and tax savings, get free email updates from here.
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January 23, 2010 at 12:12 am
how to registar and how can i get the details of my policies
January 23, 2010 at 12:13 am
i want know premium paying due date through sms alert
January 23, 2010 at 3:39 am
Hello Devendar,
You can use the Google Calendar to set up the alert. I will publish the article explaining the feature soon.
Thanks,
Krishna
May 8, 2010 at 2:16 am
i have a lic policy bearing no 641838548 and want to knwo the status of same kindly advice
poolla keshav rao contact no 040-27973804/09441430583
1-19-163 srinivasa nilyalam
main road west venkatpuram
secunderabad – 50015 ( a.p.)
December 23, 2010 at 9:59 pm
My Policy no. is 621590083.
I joined in the below mentioned branch. Please give me my policy details. P.B. NO. 69, popular building, K.S. Rao Road, Mangalore, D.K.
December 24, 2010 at 10:17 am
I would like to know the current balace in my EPF account. My Account No. is: DL/20183/672
January 5, 2011 at 2:08 am
Hi, I would like to know if I can revive a lapsed LIC policy from any LIC branch. Or is it necassary that I should do it in the branch where I took the policy from?
December 16, 2011 at 3:05 am
We have a lic policy & it lapsed. payment not done more than 7 years,now we have to renew the same pls. give details about it.
It is yearly premium policy.
Thanks Regards
Sushama
April 19, 2012 at 5:45 am
We have a lic policy & it lapsed. payment not done more than 7 years,now we have to renew the same pls. give details about it.
It is yearly premium policy..
April 19, 2012 at 5:46 am
We have a lic policy & it lapsed. payment not done more than 9 months,now we have to renew the same pls. give details about it.
July 4, 2012 at 8:37 am
Hello Vipul,
Please contact your agent or nearest LIC office to revive your policy.
Thanks,
Krishna
August 11, 2012 at 3:07 pm
reply
September 20, 2012 at 3:25 pm
how to reopen my lic acount………
April 5, 2013 at 7:29 pm
Thank you sir for this nice information. my doughts are clear about revival of policy by reading this article