How to Revive a Lapsed LIC Policy?

Revive a Lapsed LIC Policy: In this modern world LIC policy is one of the most important things we should have. If we have an LIC policy then we care secured and covered. Almost everyone has a policy for them and everyone should consider getting a policy for them if they don’t have.

When you buy any of the LIC policy by your name then you have to pay the premium of the policy regularly. But what if you don’t have the premium on time? Your policy will lapse if you do so. And if you want to stay covered by it then it is mandatory that you have to pay the premium to the company for it.

If you have your policy with Life Insurance Corporation of India and if you fail to pay the premium within the due date. Then the company provides a grace period of time to you.

Please note that this grace period varies for various LIC Policies which are offered by the company. In this article of mine, I will tell you the procedure to revive a lapsed LIC policy.

How to Revive a Lapsed LIC Policy?

Revive a Lapsed LIC Policy

So now let us get started with this guide and check out how you can revive a lapsed LIC Policy. The policy which is lapsed can be renewed by you but it can be done from the home branch only.

  1. Visit the home branch of your LIC Policy where you had purchased it.
  2. Tell the company officials that you have a lapsed LIC policy and want to revive the same.
  3. They will provide you Form No. 680 and Form No. 700 / 720. (if necessary)
  4. Fill the forms provided to you with all the details asked in it.
  5. Make your signature wherever required on the Form(s).
  6. Submit the duly filled and signed form to the company.
  7. Now you have to pay the revival amount along with the interest till date.

Important Points

  • You have to visit the home branch only for the revival of the policy.
  • You have to pay the revival amount + interest on it till date.
  • The physical presence of the insured person is required.
  • Form No. 680 is for Declaration of Good Health.
  • Form No. 700 / 720 is the medical report.
  • The medical report is required to revive some selected policies only. The officials will let you if you need to provide it.
  • The payment can be done in cash or by cheque.
  • If you wish you can download the forms from the official website by following this link.

So this is how you can revive a lapsed LIC Policy. I hope you are clear with all the information mentioned in this guide. However, I highly recommend you to verify the information mentioned here before you use it.