If your LIC policy has lapsed, then there is good news for you. In fact, the country’s largest insurance company Life Insurance Corporation of India has started a campaign to restart the individual lapse policy.
New Delhi. There is good news for the customers of Life Insurance Corporation of India, the country’s largest insurance company. Actually, the bank has started a campaign giving an opportunity to revive lapsed individual insurance policies.
LIC celebrated its 67th anniversary on 31 August 2023 and announced the launch of a special campaign. This campaign has started from 1 September 2023. If your policy has lapsed due to non-payment of premium on time, the terms and conditions of the policy contract are invalid unless you renew it.
You can start the policy by paying the premium.
If you have any LIC policy which has lapsed, you can pay the premium for it along with late fine. After paying the premium of LIC policy, the health benefits related to the policy will start.
— LIC India Forever (@LICIndiaForever) September 1, 2023
What is a lapse policy?
Lapse policy means termination of insurance if premium payment is not made within the stipulated days.