'Revival of Lapsed Policy in LIC' (166 Words)

When the premium is not paid within the days of grace, the policy lapses. It can, however, be revived within five years from the date of lapse during the life-time of the life assured but before the date of maturity, if applicable. The Life Insurance Corporation of India offers three convenient schemes of revival viz.- The Ordinary Revival Scheme, The Special Revival Scheme and The Instalment Revival Scheme for the convenience of the policyholders.

Revival Of Lapsed Policy:

• If the policy has lapsed, it can be revived during the life time of the life assured, within a period of five years from the date of the first unpaid premium but before the date of maturity subject to certain conditions.
• The Corporation offers three convenient schemes of revival viz., Ordinary Revival, Special Revival and Installment Revival.
• Policies can also be revived under Loan-cum-Revival and SB-cum-Revival schemes.Request for revival may be made to the Branch Office servicing the policy.