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Options For Revival of Lapsed LIC Policies

Have you allowed your Life Insurance Corporation policy to expire? Here are a few ways you can revive your lapsed policy and get the entire benefit of your lapsed policy.
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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

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  • LIC Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have chosen 2 policies, long term and money back. LIC is good but they will provide the information only If I request them. Paying monthly 2500 rupees through ECS. I did not see any benefits and have no access for online. Every 5 years once they are giving bonus on the money back plan.
    Was this review helpful? 0
    , hosur
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I have taken 4 policies with LIC from long back. Its a mixed of endowment, money back and life insurance policy for family. I am satisfied with the benefits. If there is any problem I can manage the account online. I pay the premium by cash or cheque, its hardly around 1300 or 1400 rupees every quarterly and also monthly premium has been done.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC and it was taken almost now 10 years through an agent. The tenure period is 21 years and its a JEEVAN ANAND. The benefits are quite good. I never contacted the customer service, I go through with an agent. I make the premium through online every quarter.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Jan 14, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • LIC Life Insurance
    "Good for me and for my nominees"
    0.5 4.0/5 "Great!"
    I have purchased Jeevan anand policy with LIC, my policy has the tenure period of 20 years. As per my policy I need to pay the premium for 15 years, I make Rs. 30,000 per annuam. At last I get the premium cover upto Rs. 20 lakhs and one other good benefits even after the policy expiry there is a maturity benefits of 14 lakhs will provide to the nominees for certain demise its good. But I suggest they need more improvement on the customer support,
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Trusted Insurance Company"
    0.5 4.0/5 "Great!"
    It was taken the policy with LIC in month of 2014, they have good reputation and my relative is working as an agent. To secure my family I took this policy, the policy which I am holding it for 25 years, I will be getting the maturity after the tenure period.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Good Investment"
    0.5 5.0/5 "Blown Away!"
    Agents are professional in LIC, and they have flexi in the payment options. I have Jeevan anand policy it has the term period of 15 years, I need to pay the premium for whole year after 24 years I get the return value also they provide life coverage.
    Was this review helpful? 0
    , dandeli
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy to take"
    0.5 4.0/5 "Great!"
    LIC is providing lots of tax benefits policy hence i have chosen the policy with them. I have taken the Jeevan Anand policy. I used to make the premium amount through online. I'm very much satisfied with the sum assured amount. Total tenure period of the policy is 15 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have money back policy policy with LIC, it has premium of Rs. 10,000 per annum. It gives the maturity benefits after 20 years of the tenure period, I used to get the bonus amount around Rs. 40,000 for every five years it has the tax benefits too.
    Was this review helpful? 1
    , malda
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    It has been a good policy and i had started this insurance a long time back. The premium amount has not been not too high and i have been paying it annually where the payment method has not been high. The policy is good and can be suggested to others.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 4.0/5 "Great!"
    Purchased my life insurance policy with Life Insurance Corporation of India. I have selected the LIC because of the wife's suggestion. I have chosen the Jeevan Bhima policy. I am paying the premium amount of Rs. 30000 every year. I have no idea about the coverage value. I make the premium through agent via money transfer.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Better to invest"
    0.5 5.0/5 "Blown Away!"
    I have a money back policy from LIC which was taken before 10 years through an agent. Every 4 years once they are providing good benefits like bonus points. The agent was very helpful. I got the insurance paper. I am paying the premium every quarterly 1000 rupees through online.
    Was this review helpful? 1
    , pondicherry
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Benefits part should be increased"
    0.5 2.0/5 "Expected more"
    I have term insurance with LIC, they give the life coverage to the nominees, they have option to add multiple nominees. I have taken it for 20 lakhs hence I need to pay the premium around Rs. 7000 per annum, the draw back with this policy they wont provide paritial amount to the holder.
    Was this review helpful? 0
    , thrissur
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Good Bonus Policy"
    0.5 4.0/5 "Great!"
    LIC is national insurance company and it has the good reputation. I have taken the policy called money back policy, it has maturity period around 15 to 20 years, I used to get bonus amount every 3 years or 5 years, they have tax benefits and other facilities.
    Was this review helpful? 1
    , thrissur
    Reviewed on Jan 09, 2019
  • ICICI Prudential Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    My life insurance was bought from ICICI prudentuial. One of my friend who is working over there has recommended me about this policy. I paid the premium amount of Rs. 25000 annually. I have paid the premium for 2 years after that i have discontinued the policy due to the personal reasons. I have to pay the premium for 7 years actually.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have taken some policy with LIC, I could not recall the name of the life insurance. But it has the term of 15 years, I need to pay only for 10 years, I get the coverage for whole year. They are providing tax benefits with the life insurance premium and it has life coverage.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I have my life insured with LIC from last 15 years and it is a long term policy. I pay my premium once on 6 months through direct payment and i am convenient with the payment options. I am not happy with the returns and tenure period for this policy is for 25 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Trusted Insurance"
    0.5 5.0/5 "Blown Away!"
    They saving our money and providing the loan based on the premium but we need to maintain proper track record for the LIC. I have taken the policy for the tenure of 25 years, I need to pay the premium for whole year I expect good value from my three policy.
    Was this review helpful? 0
    , cuddalore
    Reviewed on Jan 09, 2019
  • LIC Life Insurance
    "Life Saving Policy"
    0.5 5.0/5 "Blown Away!"
    My life was insured with Life Insurance Corporation of India. I have purchase a plan called Jeevan Bhima Yojana. Since my father is paying the premium, I'm not sure about the amount. This is a 20 years tenure period policy. I never had any trouble with this policy.
    Was this review helpful? 1
    , chandigarh
    Reviewed on Jan 08, 2019
  • LIC Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took this insurance long bank , the agent had explain me clearly about the policy coverage and plan benefit,and i pay premium on quarterly basis, i pay up to 2700-2800 rupees which was nominal for me,it use to get auto debited from my account.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
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