Mumbai: Do you have a policy from Life Insurance Corporation (LIC) of India that was bought post January 1, 2014 and has lapsed? Public sector behemoth LIC on Monday has launched a special revival campaign for its policyholders under which policies that were bought post January 1, 2014 and have lapsed can now be revived and the insurance cover restored. Traditional or non-linked policies can be revived within 5 years while unit linked policies (Ulips) can be revived within three years of the first unpaid premium.
The new Insurance Product Regulations 2019 that were introduced in July, allow revival of policies upto 5 years for non-linked plans and revival upto three years for Ulips for plans that were introduced from the date of implementation of revised regulations. “We had sought and got a special approval for extending this benefit to policies issued from January 1, 2014 also,” said LIC.
Vipin Anand, Managing Director of LIC said, “Buying life insurance is one of the most prudent decisions a person takes in life. Unfortunately, there are circumstances when one is unable to continue paying premiums and the policy lapses. It always makes a better sense to revive an old policy rather than discontinuing it and buying a new policy to restore insurance cover.”
“Now, even those LIC policyholders who bought their policies post January 1, 2014 can revive their non-linked policies within five years and unit linked policies within three years of first unpaid premium,” added Anand.