LIC's Lapsed Policy Revival Scheme till March 24, 2023: A How-To Guide!

Date : 01/03/2023
Read: 4 mins

Has any of your LIC policies lapsed as a result of unpaid premiums? If so, you can revive it or multiple policies during LIC's Special Revival Campaign, which runs from January 2 to March 24, 2023. The best thing is that your LIC policy revival can be done during this period with a concession in the late fee. Learn more details about the LIC's lapsed policy revival scheme in this article.

LIC Policy Revival and Check Premium via WhatsApp till March 24, 2023: A Guide!

LIC (Life Insurance Corporation of India) has started their "Special Revival Campaign." It will help policyholders revive their lapsed LIC policies. This LIC policy revival scheme started on February 1, 2023, and will continue until March 24, 2023.

When and how does a LIC policy lapse?

If you do not pay your premium by the due date, your policy may lapse, according to the LIC website. In that case, the policy contract’s terms and conditions become void. It remains so until and unless you revive the concerned LIC policy.

How to Revive LIC's Lapsed Policy Revival Scheme

You can revive it by paying:

Accumulated premium
Interest in the accumulated income
Providing health details (as needed)

Renewed LIC Policy: Are You Eligible?

If you meet the following criteria, you will be eligible for this LIC lapsed policy revival scheme:

Your policy term is not finished yet.
Your policy has expired at the end of its premium-paying term.
Five years have not lapsed from the date when the premium was not paid according to the conditions of the concerned LIC plan.

Let’s explore the amount of concession you’ll receive during your LIC policy revival:

You'll receive a late fee concession of 25% (with Rs. 2,500 as the maximum concession limit) if your total amount of LIC premiums receivable is Rs. 1 lakh or below.
You'll receive a late fee concession of 25% (with Rs. 3,000 as the maximum concession limit) if your total amount of LIC premiums receivable is from Rs. 1,00,001 to Rs. 3,00,000.
You'll receive a late fee concession of 30% (with Rs. 3,500 as the maximum concession limit) if your total amount of LIC premiums receivable is Rs. 3,00,000 and above.

In addition, for each eligible BILL PAYE and NACH-registered policy revived under this LIC lapsed policy revival scheme, you will be charged a late fee of Rs. 5 (GST not included).

Also Read: Should One Revive a Lapsed Term Plan or Buy a New One?

Get policy services from LIC through WhatsApp.

The Life Insurance Corporation of India has made it easier for you to avail of the LIC's policy services. You can use LIC WhatsApp Services for all kinds of services, such as:

Learn about the amount of premium due on your LIC policy.
Information on bonuses
Status of a LIC policy
Quotation of eligibility for a loan
Quotation of repayment of a loan
Amount of interest due on a loan
Certificate of paid premium on your LIC policy
Opt-in/out services
Links to various LIC services
Statement of Units for Your ULIP Plan
End the chat.

Note: You should remember that you can avail of this service only if you've registered your LIC's policies on their website.

LIC WhatsApp Services: How to Get Started?

To start using LIC WhatsApp Services, you can follow the steps given below:

Step #1: Open your WhatsApp

Step #2: Through the Whatsapp application, write and send "hi" to 8976862090.

Step #3: You'll receive eleven service options listed one after the other with numerals mentioned beside them. To avail yourself of a particular service, you must type the option number in the Whatsapp chat.

Final Words

Assume you want to find out how much your premium policy is overdue. To obtain the due premium amount, simply enter and send the option number. The revival of the lapsed LIC policy will be done only when the Life Insurance Corporation approves it. The costs of any special report or medical report required during the LIC policy revival will be borne by Life Assured.