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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
    • Aviva Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the Aviva Life. I am paying 8000 per year via Online. The sum assured is 1 Crore and considering the policy features and plan benefits it has been a very good experience with the life insurance policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 14, 2018
    • Aegon Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a term life insurance policy with the Aegon Life. I am paying a premium of 5000 per year, The sum assured is 50 lacs. I am making payments online. Claim settlement ratio was above 90% so it was a confident decision in choosing as my life insurance provider.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 14, 2018
    • LIC Life Insurance
      "This is great policy for Employer-Employee"
      0.5 5.0/5 "Blown Away!"
      We (CleverMind Solutions Pvt Ltd) took this policy for our employees, they are very happy and we are also happy because we are providing life insurance cover of Rs 10 lakhs to every employee. What a unique product it is with affordable premium .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am paying a premium of 31000 per year. I am paying the premium via the agent and sometimes via cheque, tenure of the policy is 20 years. It has been a smooth experience so far with the policy and their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, for one policy I am paying a premium of 24000 per year. I never faced any issues with the policy and their services. I pay the premium sometimes via the agent and sometimes via Cheque. So far it has been a very good experience.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've started an educational policy with the LIC for my children for which I am paying a premium of 400 per month. The policy is specifically focused on the educational requirements. So far it has been a good experience,
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've 5 life insurance policies with the LIC, four of them is the Money Back policy for which I am paying a premium of 700 Per month, the premium gets auto debited from the salary account. I never had any issues with their services so far. Considering the low premium I am paying the policy is a good one.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 13, 2018
    • Exide Life Insurance
      "ONE OF THE WORST INSURANCE"
      0.5 0.5/5 "Unacceptable"
      I've been using the Life insurance policy from the Exide Life for a while. The response is not good. I pay a premium of 30000 per year via ECS. The premium gets auto debited from the account as it total i paid them 146000 now i want there office to surrender insurance policy and they pay me back 51500/ only this is worst insurance in India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with LIC from last 25 years and it is a long term policy. I am satisfied with the returns and benefits of this policy. I pay my premium once in a year by cheque and i am convenient with the payment options. The maturity period for this policy is 25 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My life insurance policy is with LIC from more than 10 years and it is a term insurance. I pay a premium of Rs 9000 on yearly basis and i am convenient with the payment options. I am satisfied with the terms and conditions like the policy coverage and plan benefits of the policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2018
    • Kotak Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Kotak and I am paying a premium of 13000 per year. It has been a hassle free experience so far. Considering the policy features I haven't faced any issues with their services so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying a premium of 700 rupees per month. There are no commendable benefits with the policy. The premium gets auto debited from account. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've three life insurance policies with the LIC. I am paying a premium of 500 rupees per month. The premium gets auto debited from my account via ECS. I haven't faced any issues with their services.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am applying a premium 20000 per year. After 4 years I'll get some money back. The premium gets auto debited from the account via ECS. I never faced any issues with the policy and their services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am paying a premium of 1600 per month, the tenure of this policy 30 years. I am making payments via an agent which is pretty much convenient. So far there hasn't been any issues with their services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with LIC from last 7 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 6 months through net banking and i am convenient with the payment options. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 16 years and it is a long term policy. I am satisfied with the returns and benefits of this policy. I pay my premium once in 3 months by cash or cheque and i am convenient with the payment options. The maturity period for this insurance is 20 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jul 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I am applying a premium of 20000 Per year, I make payment at the branches, the branch staff are also welcoming and supportive. Overall it has been a hassle free experience with the policy and their services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 11, 2018
    • LIC Life Insurance
      "Above average service"
      0.5 4.0/5 "Great!"
      I've two money back polices with the LIC. I am paying a premium of 25000 per year. I will get money back after 4 years. The tenure 16 years. I can even discontinue the policy after 4 years. Considering the policy coverage and plan benefits it is a very good policy to hold.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a Jeevan Anand Policy with the LIC, I am paying a premium of 30000 half yearly, The tenure of the policy is 30 years . I am paying branch payments. The branch service is good. So far there hasn't been any issues with the policy and their services so far.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 11, 2018
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