Live
- MyVoice: Views of our readers 9th November 2024
- From ‘Mohabbat ki Dukan’ to ‘Jhoot ki Dukan’: Shift In Rahul’s Rhetoric
- Revenue officials resume Sarada peetham land
- A celebration of diversity, unity through culture
- Need of the hour: A strong climate financial architecture
- Grenade attack: Ultras arrested
- Veteran BJP leader: Advani turns 97
- SC dismisses PIL seeking CBI probe into Tirupati laddus row
- New bench to decide AMU minority status: SC
- No power can restore Article 370 in J&K: Modi
Just In
LIC allows revival of lapsed policies
Policies that have lapsed for more than two years and were not allowed to be revived earlier can also be revived now
Hyderabad: State-owned Life Insurance Corporation (LIC) on Monday permitted its policyholders to revive their lapsed policies of over 2 years, a move that will help improve persistency ratio.
The policies that have lapsed for more than two years and were not allowed to be revived earlier can also be revived now, LIC said.
After the Irdai Product Regulation 2013, which came into effect from January 1, 2014, revival period was restricted to two consecutive years from the date of first unpaid premium, during which the policyholder is entitled to revive policy which was discontinued due to non-payment of premium, it said.
Earlier, all policies taken after January 1, 2014 could not be revived if they remained in lapsed condition for a period exceeding two years.
With a view to extend the benefit of continued life cover, LIC approached Irdai and extended the benefit of longer revival period to even those policyholders who bought policies post January 1, 2014, LIC said.
Now, even those LIC policyholders who bought their policies post January 1, 2014 can revive their non-linked policies within 5 years and unit linked policies within 3 years of first unpaid premium, it added.
LIC managing director Vipin Anand said unfortunately, there are circumstances when one is unable to continue paying premiums and the policy lapses and it always makes a better sense to revive an old policy rather than discontinuing it and buying a new policy to restore insurance cover.
"Buying life insurance is one of the most prudent decisions a person takes in life. We value each of our policyholders and value their desire to continue their life insurance cover with us," he said.
This is a unique opportunity for LIC's policyholders to revive the policies that could not be revived in the past and restore life cover to ensure financial security, he added.
© 2024 Hyderabad Media House Limited/The Hans India. All rights reserved. Powered by hocalwire.com