Insurance Blog

What to do with my lapsed LIC policy

If you have not paid your policy premium within the due date of your policy, you will have a grace period to pay your policy premium. Before the grace period of your policy ends, you shall pay your premium with some late fees. The late fee differs based on each policy, but in general, it should be 0.8% of the unpaid premium per month. But if you have missed even your grace period without paying the premium, your policy would lapse, which mean that your life insurance cover cease to exist. If your policy had lapsed, you shall revive your policy so that your policy will come into force again and you will have the insurance cover again. To revive your lapsed policy, you shall contact your Agent or advisor. You shall also download the attached revival form sourced from LIC's official site http://licindia.in/download_forms.htm . If you had taken the policy initially without a medical test, in most of the cases, you may not be required to take a test now. You have to fill the attached form and submit it to the LIC Home Branch office (where your policy was taken) along with the pending amount with the late fee as cash / cheque.

FNO-680.pdf (144.9KB)