• 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 Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 6 years and it is a money back policy. I get money back after every 4 years and the maturity period is after 15 years. I make my premium payments once in a year through net banking. I am satisfied with the coverage value of this insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 26, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a LIC policy from last 6 years and it is a long term policy. I am satisfied with the coverage and returns of this insurance policy. I pay my premium every month through ECS and i am convenient with the payment options. The maturity period of this insurance is 20 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 26, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 1 year and it is a long term policy. The tenure of this insurance policy is 40 years. I pay my premium once in a year by credit card and sometimes through net banking, I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 26, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a short term life insurance policy with LIC 2 years back, i am happy with the returns of this insurance policy as i get Rs 32 lakhs after the maturity period. I pay my premium once in 6 months through net banking. The maturity period of this insurance is after 10 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I am not happy with the life insurance policy with LIC, i am using this policy from last 15 years and it is a long term policy. I pay my premium once in 6 months through net banking. The premium amount is more and the returns are very less in this insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 25, 2018
    • Max Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with MAX Life from last 15 years, i make my premium payments once in 6 months through net banking and i am convenient with the payment options. The coverage value of this insurance policy is good. The maturity period of this insurance is after 20 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with LIC from last 5 years and it is a long term policy. The tenure of this insurance policy is for 20 years. I pay my premium once in 3 months through net banking. I am happy with the coverage and returns of this insurance policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      The service is good with the LIC. I have the LIC jeevan anand policy around 3 years ago. I use to pay the premium through online which is the easiest mode. I pay the premium of Rs,.5000 in every 3 months once. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC jeevan Anand Policy for a while and I'm happy about their overall services. I make payments online. The premium gets debited from my account which is easy and convenient. Their customer support is also very helpful. Overall it is a recommendable policy to have
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 25, 2018
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Hdfc Life Insurance service is good. I have taken one policy with Hdfc Life. The customer support is good with Hdfc Life. Tenure period is for 10 years. The new schemes and offers are good Hdfc Life Insurance service. It was an good experience with Hdfc Life Insurance service.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 25, 2018
    • Bajaj Allianz Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have four policy's with Bajaj Allianz Life Insurance service. Tenure period is good with Bajaj Allianz Life Insurance service. The payments options are through online. It was an good experience with Bajaj Allianz Life Insurance service.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Life Insurance Corporation Of India service is good. They use to update with new schemes and offers. I have taken six policy's with Lic. The tenure period is for 20 years. I use to pay my premium through my credit card. It was an good experience with Lic.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 25, 2018
    • HDFC Life Life Insurance
      "Average policy to use"
      0.5 3.0/5 "Satisfactory"
      The HDFC life has offered me the Jeevan suraksha life insurance policy. The customer support service is not up to the mark with the HDFC life . They need to given proper response to the customers. The premium has been paid through online, before taking up the Hdfc life insurance policy , we need to check the benefits and the coverage before we go for the policy, the transparency is not seen int the process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • HDFC Life Life Insurance
      "Average policy to use"
      0.5 3.0/5 "Satisfactory"
      Got the HDFC life insurance policy around 5 years ago. This policy has the tenure of 25years. The endowment plan has better plan benefits and the policy coverage . The communication part is not up to the mark with the HDFC life . The promises has not fulfilled with the the hdfc life.. The premium has been paid through online
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Better child plan "
      0.5 4.0/5 "Great!"
      The customer support service is good with the LIC and I hold a child plan life insurance policy, which is good to use and I have it for more than 5 years. I pay the premium amount of Rs,15000 every year once. I pay the premium though online mode which is easy to do.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Good money back policy"
      0.5 4.0/5 "Great!"
      The money back policy has the tenure of 20years. The customer support service and the response is good with the LIC and I use the LIC Money back policy for past 8 years.The premium has been paid through online. The claim process is good with the LIC policies ,
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Better jeevan anand"
      0.5 4.0/5 "Great!"
      The claim process is good with the LIC life insurance policy ,The premium has been paid through online mode. I have got the LIC life insurance 5 years ago. This policy has the tenure of 20years. The premium amount of Rs,15,000 every year once,
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Life insurance with LIC "
      0.5 4.0/5 "Great!"
      I have taken life insurance with LIFE INSURANCE CORPORATION OF INDIA and the premium amount is 39750 yearly and i have to make the payment for 20 years and after 20 years i will get the sum assured + the bonus. The customer service with them is fine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • Exide Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a EXIDE life insurance from last 10 years, the only benefit i found in this insurance policy is, they give good bonus when compared to other insurance companies. I pay my premium once in a year through net banking. I am satisfied with the returns of this insurance policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 25, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 10 years and it is a long term policy. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year through net banking and i am convenient with the payment options. The maturity period for this policy is after 16 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 25, 2018
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