Rules for LIC Policy lapse or continuation?

I was insured with LIC in 2003. I paid regular premium installments up to two year 2005. After 2005 I have not paid any premium installment to LIC. Can still i continue my policy from today’s date and can i receive my two year installment which i have deposited to LIC?

3 Replies to “Rules for LIC Policy lapse or continuation?”

  1. LIC has opened an opportunity to continue its lapse polilies. Here is a lots of competition in Insurance sector. now LIC is not a monopoly holder in market. It has changed its policies and is liberel now. Just contanct to nearest LIC office with your policy detail, ducument and deposit reciepts.

  2. You can revive your Policy by paying arrears of premium with interest for the delayed period. You may also have to submit a Declaration of Good Health or a Medical Report depending on the value of your Policy. I believe now there is some campaign going on for revival of policies where they offer some discount on the interest on premium upto 30%. You can avail of that.
    If your policy has loan facility, you can avail loan and pay your arrears out of it through a ‘loan-with-revival’ scheme.
    You have to pay at least 3 years premium to get a refund, that too only a discounted amount. It is best for you to continue your prmium. You might never know when it will come handy as a savings. And there’s always the IT relief!

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