February 27, 2024

Life Insurance coverage Company of India (LIC) performs an important and essential position in offering a whole safety and protecting defend throughout any unexpected or unlucky occasion. Throughout an unlucky occasion in your loved ones the place monetary help is required, you’ll be able to make the most of this insurance coverage to avoid wasting the lifetime of the insured individual in addition to the lives of the relations.

It is best to at all times remember that to maintain your insurance coverage coverage lively you will need to all of your premium funds on time and earlier than the due date to keep away from any costs. It is best to know that should you miss your three consecutive premium funds then your LIC coverage will expire.

Though a lot of the corporations present a grace interval of 15 to 30 days to pay the premium quantity. The protection quantity doesn’t expire even when folks don’t pay the premium quantity even through the grace interval. The coverage lapses solely when the folks fail to pay the premium quantity even through the grace interval.

When folks fail to pay the premium on time and even through the grace interval it turns into essential to revive the lapsed LIC coverage. When the insurance coverage plan expires the insurer is just not entitled to any advantages of the coverage. So it is extremely necessary to maintain reviving your coverage. Be mindful, that LIC offers an opportunity to maintain renewing the expired insurance coverage inside round 2 years. 

How Can I Renew My Expired LIC Coverage? 

  • You’ll be able to renew your expired LIC coverage by paying the late cost curiosity. The policyholders can renew their insurance coverage contracts with the insurer,
  • You can even renew the coverage by paying the renewal cost, late payment, and extra curiosity or penalties levied on you in accordance with the phrases of your insurance coverage coverage.
  • You can even begin the method of the renewal by contacting your brokers or just visiting the department workplace. 

Step-By-Step Information To Revive An Expired Insurance coverage Utilizing Particular Revival Plan

  • Ship a written request, a replica of the coverage, identification and deal with proof, and, if mandatory, a medical report back to LIC.
  • LIC will calculate how a lot revival is important.
  • Make the LIC the cost that’s required.
  • After that, LIC will revive the coverage and provides the policyholder new coverage paperwork.

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