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  • Options For Revival of Lapsed LIC Policies

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    Life insurance is a necessity in today’s times as it helps protect our loved ones and dependents from any untoward mishap that may affect us. Under a life insurance policy, the insurer promises to pay a specific sum assured amount to the policyholder’s beneficiary in case the policyholder happens to pass away suddenly. This sum assured would help the family members of the insured to take care of their short and long term expenses. One of the most important steps to ensure that your policy continues to provide regular protection and cover, is to make sure that your policy never lapses. However, due to any unavoidable reason that your policy does lapse, you must make sure to revive it at the earliest to continue enjoying life cover uninterrupted.

    Scheme to Revive Lapsed LIC Policy

    For those who have an LIC policy which has lapsed due to any reason, there are multiple options for reviving the same. Read on to find out the various schemes with which you can revive your lapsed LIC policy.

    • Ordinary Revival – Under the Ordinary revival scheme, policyholders can revive their lapsed LIC policy after making the payment, in lump sum, for all unpaid premiums, counting from the very first premium that was left unpaid. The payment of these unpaid premiums will also carry interest at the rate of 8% (current rate). Policyholders may also be asked to submit Form No.680 or Declaration of Good Health, and a medical report.
    • Special Revival – In case the policyholder is not able to pay the unpaid premium in lump sum, they can make the payment for the same under the Special Revival scheme. Under this scheme, commencement date of payment is shifted and the policyholder makes the payment of one due premium based on their age. Policyholders may also be required to provide Form No.680 or Declaration of Good Health (DGH) and a medical exam report to support the same. To revive a lapsed LIC policy under the Special Revival scheme, the following conditions must be met:
    1. This type of policy revival can only be availed once during the complete term of the policy.
    2. This revival scheme will only be allowed to be availed within 3 years of the policy lapsing.
    3. The Special Revival scheme can only be used for policies which have not acquired any surrender value. This scheme has to be availed within 3 years from the policy commencement date.
    • Instalment Revival – If the policyholder cannot pay all the due premiums in lump sum and is not eligible for the Special Revival scheme, they can opt for the Instalment Revival scheme. Payment of due premiums under this scheme can be made by paying, (i) half of the annual premium (for policies with yearly premium payment mode); (ii) one half-yearly premium amount (for policies with half yearly premium payment mode); (iii) Amount of 2 quarterly premiums (For policies with quarterly premium payment mode) and (iv) amount of 6 monthly premiums (for policies with monthly mode of premium payment). The remainder of the unpaid premium must be paid in instalments during a period of 2 years, in addition to the regular policy premium. Policyholders may also be required to provide Form No.680 or Declaration of Good Health (DGH) and a medical exam report to support the same.
    • Survival Benefit-cum-Revival Scheme – This revival scheme has been introduced to be used with money-back policies. If the date on which the survival benefit is due comes before in-line policy renewal date, the policyholder has the option to use their policy survival benefit to revive the policy. However, in case the revival amount is higher than the amount received by way of the survival benefit, then the policyholder must cover the excess. Similarly, if the survival benefit amount is higher than the revival amount, the excess survival benefit will be returned to the policyholder.
    • Revival on non-medical basisIf a policyholder wants to revive the policy on non-medical basis, they must ensure that the revival amount must not be more than the prescribed limit for the particular non-medical insurance that the policyholder has taken.
    • Revival on medical basis– If a policy is not eligible for revival under the ordinary or non-medical basis, it will be eligible for revival with medical requirements which are decided based on the revival amount.
    • Loan-cum-revival Scheme – If the policy has acquired a surrender value by the revival date, it can be revived with the help of a policy loan. This loan can be procured by the policyholder depending on the number of premiums paid till the revival date. If the revival amount falls short of the amount procured with the loan, the policyholder must pay the difference. However, if the loan amount exceeds the revival amount, the excess will be returned to the policyholder.

    Options For Revival of Lapsed LIC Policies Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have been holding my life insurance with Life insurance corporation, they are government institution i have trust in this insurance company i use to pay premium in quarterly bases and i use to pay through off line, there customer service was good they have explain me about my policy coverage clearly.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 14, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Need improvement on customer service"
      0.5 3.0/5 "Satisfactory"
      I think their customer service should be improved, I have taken jeevan anand it has the total term of 15 years. I need to pay for whole premium. The life cover is available upto certain period. LIC very much provides tax benefit, its good for me.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied my life insurance with life insurance corporation of India long back, i use to pay premium per month, and they have charged premium up to 2,000 rupees it nominal and i use to get auto debit, there customer service team had explained me about the policy clearly when i had applied this insurance.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied my life insurance with life insurance corporation of India long back, i use to pay premium per annum , and they have charged premium up to 7,000 rupees it nominal and i use to pay through cash or cheque, there support team had explained me about the policy clearly when i had applied this insurance.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Nov 14, 2018
    • HDFC Life Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this insurance policy a long time back and the process was done online. I had been making the payments on a monthly basis and the premium amount of 1000 has been good. The premium method also has been good and there has not been any hassle faced with them so far.
      Was this review helpful? 0
      , gandhidham
      Reviewed on Nov 14, 2018
    • Bharti Axa Life Life Insurance
      "Fraud Scam"
      0.5 0.5/5 "Unacceptable"
      Entire Bharti Axa team member is fraud. They have surrender my 12 year old policy putting my signature on the surrender form. They have done forgery, done fake signature & withdrawal my money. I have complained on 2nd Nov. Since no proper resolution. my policy number 500-0035682. Request not to purchase policy from this company. Later, I came found, almost all the employee involved through out India in this fraud scam.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "Due reminder should be timely"
      0.5 4.0/5 "Great!"
      I do have one or two life insurance policy with LIC. It was taken long back, its a long term policies. I am paying around 5000 quarterly. It is a conventional policy and I will getting a maturity benefits. I am making the payment through online. The premium reminder update is not that good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2018
    • HDFC Life Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have taken 2 life insurance policies with HDFC Life, one was taken in the year 2007 and other is year back. I am very much satisfied with the policy coverage and benefits. They have introduced term plan and giving partial disability benefits. I am paying the premium of 3700 rupees monthly through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Its Trusted"
      0.5 4.0/5 "Great!"
      Major factor I selected the LIC its govt one and its trusted one. The premium I used pay around Rs. 44k for one year for one policy. its a long term. Agent wont respond properly, they interested to sell the policy then they wont respond it. I need to work on the beneficial part.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • HDFC Life Life Insurance
      "Good policy to have"
      0.5 5.0/5 "Blown Away!"
      I hold a term insurance with HDFC worth of Rs. 15 lakhs. I opened a term insurance in the year of 2013. I have been paying the premium of Rs. 6174. I have chosen the annual payment mode. Total tenure period of the policy 15 years. This is tax benefitable policy. Since I'm a existing customer of HDFC, i have chosen the same company.
      Was this review helpful? 0
      , dehradun
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I had taken an insurance for my daughter with Life Insurance Corporation of India. Actually its a 38,000 rupees policy and I got the double the amount of the policy. The service are good and nice. Every quarter I pay around 1100 rupees. The premium was paid through an LIC agent. The policy period for money back is 8 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken my endowment policy with Life Insurance Corporation of India. My first endowment policy was taken in the year of 1995. I used to pay the premium of Rs. 3000 and i have chosen the monthly payment mode. My friend who is working in LIC has referred me about this Endowment policy. This is a tax benefitable policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • SBI Life Life Insurance
      "Average Policy"
      0.5 2.0/5 "Expected more"
      I used to get a reminder notification messages after 6 months of policy expiry. They used to charge some penalty for my policy. I have purchased the children policy for my children. I withdrawn this policy in 2006. Total tenure period of the policy is 18 years. I get a proper response from the customer care service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • SBI Life Life Insurance
      "Satisfied policy. "
      0.5 4.0/5 "Great!"
      I have got my accidental covered life insurance policy with SBI LIFE. I used to pay the premium amount of Rs. 1000 per annum. I used to make the premium through my account. They have given me a claim amount of Rs. 20 lakhs. I have purchased this policy only for me and i have to renew the policy every year. 3 months back, i had renew the policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      Of course, this is a tax savings policy. I did not get any necessity to call their customer care services. The payment options is difficult. Through website i have to pay and i don't have proper interface for making a payment. I just taken the policy only for tax. Through agent i have bought this policy. I am paying the premium amount of Rs. 45000 in a year. I have chosen a half yearly payment mode.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 13, 2018
    • LIC Life Insurance
      "Recommendable Insurance company"
      0.5 5.0/5 "Blown Away!"
      In front of LIC no other insurance company can survey, the infra structure is wide they are best in the market. In shublabh plan, I should pay the premium for 10 years after 15 years get the money, life cover age is there and they give additional five years cover.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 12, 2018
    • LIC Life Insurance
      "Good Insurance company"
      0.5 5.0/5 "Blown Away!"
      I am using LIC policy for very long time, its trust worthy. I am not sure about the premium. But its economical for the long term policy which I taken. They have different payment option to make my premium. They have life cover and accidental life.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 12, 2018
    • LIC Life Insurance
      "Trust worthy"
      0.5 5.0/5 "Blown Away!"
      I am paying the premium from child hood, I trust LIC because my father, grand father everyone used it. I am not sure about the matured benefits but tax benefits is good . Payment option is convenient, I can check the statement through LIC website.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 12, 2018
    • LIC Life Insurance
      "Benefits should be improved"
      0.5 5.0/5 "Blown Away!"
      Every people trust on LIC, I have money back policy with them. Per month I am paying Rs. 4500 for total tenure of 25 years. As compared to other policy they are not providing proper benefits but still we trust the insurance company because of the reputation. Still need to work on the benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 12, 2018
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