Life Insurance coverage Company of India (LIC) performs a significant and essential position in offering an entire safety and protecting defend throughout any unexpected or unlucky occasion. Throughout an unlucky occasion in your loved ones the place monetary help is required, you possibly can make the most of this insurance coverage to avoid wasting the lifetime of the insured particular person in addition to the lives of the relations.
You must all the time needless to say to maintain your insurance coverage coverage lively you need to all of your premium funds on time and earlier than the due date to keep away from any fees. You must know that when you miss your three consecutive premium funds then your LIC coverage will expire.
Though many of the firms present a grace interval of 15 to 30 days to pay the premium quantity. The protection quantity doesn’t expire even when folks don’t pay the premium quantity even through the grace interval. The coverage lapses solely when the folks fail to pay the premium quantity even through the grace interval.
When folks fail to pay the premium on time and even through the grace interval it turns into essential to revive the lapsed LIC coverage. When the insurance coverage plan expires the insurer will not be entitled to any advantages of the coverage. So it is vitally necessary to maintain reviving your coverage. Take note, that LIC gives an opportunity to maintain renewing the expired insurance coverage inside round 2 years.
How Can I Renew My Expired LIC Coverage?
- You may renew your expired LIC coverage by paying the late fee curiosity. The policyholders can renew their insurance coverage contracts with the insurer,
- You can even renew the coverage by paying the renewal cost, late payment, and extra curiosity or penalties levied on you in accordance with the phrases of your insurance coverage coverage.
- You can even begin the method of the renewal by contacting your brokers or just visiting the department workplace.
Step-By-Step Information To Revive An Expired Insurance coverage Utilizing Particular Revival Plan
- Ship a written request, a duplicate of the coverage, identification and tackle proof, and, if vital, a medical report back to LIC.
- LIC will calculate how a lot revival is critical.
- Make the LIC the fee that’s required.
- After that, LIC will revive the coverage and provides the policyholder new coverage paperwork.
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