LIC’s closed policy has to be started again, this is a complete detail
LIC Policy: In order to take full advantage of the policy, the person taking the insurance policy has to pay a regular premium. But many people leave premiums in the middle. In such a case it is necessary to ensure that your family gets the benefit of financial security according to the policy, always keep your policy in the current state.
If you are an LIC policy holder and want to revive your policy, its details are being given to you in this report.
Learn about the loss of leaving premiums first
If your LIC policy is closed due to non-payment of premium on time, one of the disadvantages is that unless you have started the policy again, the terms and conditions of the policy contract are automatically exhausted. That is, you get all the benefits, it is not necessary. You have to revive it to take full advantage of the policy. However, there are some claims concessions in other schemes except for some schemes, depending on how long you have been paid for the premium.
How long can the revival?
Janardan Kesri, insurance adviser, associated with private company, said, for this you have up to 2 years after leaving the policy premium. According to the rules, anyone can revive their closed LIC policy for 2 years of quitting the premium. This period was 5 years before 2010, but since 2010, the period has now been reduced to 2 years. That is, after the completion of 2 years of leaving the policy premium, the policy will not be completely revoked and will be completely closed. After that you will have to take another policy.
After 2 years, if you wish, you can claim your money or you can wait for the maturity period to be completed.
How can the revival?
To revive your LIC policy, you must first pay the outstanding premium. After this, LIC also charges interest of 9.5 per cent per annum. In addition to interest payments, the necessary health related formalities have to be completed.
Information about this can be taken from https://www.licindia.in/Customer-Services/Policy-Guidelines?lang=en-US.