LIC: Understand the process for renewing your expired LIC coverage

 

LIC: Understand the process for renewing your expired LIC coverage

Revival of LIC Lapsed Policies: Life insurance provides crucial protection during emergencies, natural disasters, and calamities. It functions to provide you and your family financial help at times of greatest need. It is crucial to periodically renew your life insurance policy (LIC).

Revival of LIC Lapsed Policies: Life insurance provides crucial protection during emergencies, natural disasters, and calamities. It functions to provide you and your family financial help at times of greatest need. It's crucial to periodically renew your life insurance policy (LIC) since, if you don't, it can expire. After that, you must renew your expired coverage.

The policyholder's life insurance coverage expires if he or she fails to make timely premium payments. As a result, they also lose temporary access to the advantages of the program. Life insurance companies often provide a two-year window during which the policy holder may renew the policy, pay the payment, and begin the coverage again.

A lapse policy: what is it?

The insurance coverage expires if the premium is not paid within the allotted time. It is required to periodically renew an insurance policy by paying the premium in order to get the coverage offered by that policy. Should this not be completed, the insurance ends. A canceled policy may be accepted or rejected by Life Insurance Corporation of India (LIC). LIC authorizes the reinstatement of the canceled insurance.

Ways to bring lapsed Policy LIC

Your policy's benefits, terms, and conditions are null and void until you reinstate it if it has expired because you failed to pay the premium by the deadline.

Reviving a lapsed policy

You may pay the premium and late fee for any LIC policies that have expired. The health benefits associated with a LIC coverage will begin when the payment is paid.

Contact LIC: You may get in touch with LIC at your Pasi LIC branch, via email, or by calling their customer service hotline.

Request for Revival Form: In order to get your policy reinstated, you must submit the revival form.

Pay late fee and premium - You have the option to pay both your premium and the interest.

How to use WhatsApp to get LIC insurance services

1. Open WhatsApp and type "Hello"; send it to 8976862090.

2. There are eleven alternatives available to you. Enter the option number in the chat window to choose a service. For instance, send 1 if you would want to know when your next LIC insurance premium is due and how much it would cost.