Utility News Desk!!! Life Insurance Corporation of India (LIC), the country's largest insurance company, has started a special campaign to revive discontinued policies. According to the LIC website, the personal lapse insurance policy can be relaunched by October 31. This means that if any of your LIC policies has been discontinued due to delay in premium, you can start it. LIC has started this campaign from 1st September.
This campaign has been launched to help policyholders whose policies have lapsed due to non-payment of premium on time. It is usually better to reopen an existing policy to reinstate insurance coverage. If your policy has lapsed due to non-payment of premium on time, the terms and conditions of the policy agreement remain invalid unless you reinstate it. To initiate such a policy, the individual has to pay the accumulated premium along with interest and provide necessary health information.
According to a post on social media X (formerly known as Twitter), LIC's special revival campaign is offering policyholders an opportunity to revive their lapsed policies. For more information you can contact your nearest LIC branch or agent.
Apart from this you can also visit the official website. According to LIC, only those policies which have been discontinued more than 6 months and more than 3 years before the date of commencement will be revived.