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Premium can be paid ONLY IN CASH. Premium can be collected only 30 days in advance before the Due Date and till the policy is in force, except for some term insurance policies. For some Term Insurance policies Within 15days only – plans 153- Anmol Jeevan,164-Anmol Jeevan-1, 177- Amulya Jeevan, 190 Amulya Jeevan.
Can I cancel my new LIC policy?
In case you have purchased an insurance policy and is not satisfied with the benefits it is offering to you, you can surely cancel the product. You must cancel your plan during the cooling period so that you can get a refund of the premiums paid by you.
How many days in advance can we pay LIC premium?
Acceptance of premium can be done up to 30 days before the Due Date. 5. Premium cannot be collected for Next Financial Year. E.g. In March premium cannot be collected for April due.
How can I revive my lapsed LIC policy?
The policyholder can revive a lapsed policy by paying the premiums with interest….Types of LIC Policy Revival Schemes
- Installment Revival Scheme.
- Loan cum Revival Scheme.
- Special Revival Scheme.
- Survival Benefit cum Revival Scheme.
Soon, you can pay your insurance renewal premium in advance and get a discount. “Facility of discounts shall be offered to all existing policyholders and prospective policy holders under current on-sale products who want to pay renewal premium in advance,” the draft norms stated.
How can I get advance payment in LIC?
You can submit your LIC premium payment only via cash or cheque mode in either of the banks. One can only pay the premium for active, non-ULIP, and non-SSS policies using this payment channel. Premium payments can only be accepted 30 days in advance of the due date of your policy.
How long can LIC premium be delayed?
The grace period for policies where the premium payment mode is monthly is 15 days from the due date. The grace period for policies where the premium payment mode is quarterly, half-yearly or yearly is one month but not less than30 days.
What are the rules for the advance premium in LIC?
Following is the rules for the advance premium in LIC You can pay advance premium of policy falling due within same financial year, ie you can deposit premium of 31/03/2018 on 01/04/2017 (for financial year 2017–2018).
By following the above mentioned simple steps, you can pay the premiums of your LIC policy simply. So, avoid late premium payment fees by paying regular premiums on time easily on the website of LIC and creating your LIC login there.
What is the revival of a lapsed LIC policy?
The revival of lapsed LIC policy arises when the insured is unable to make the payment of premiums on-time or within the grace period. During the same, the policyholders are not able to avail the benefits of the life insurance policy. Typically, insurance companies are required to offer a revival period of two years to reinstate insurance policies.
How to revive unpaid LIC policy premiums?
However, if you want to revive this policy, then you have to do it within five years from the first unpaid premium’s date. The LIC of India offers 5 different schemes under which you can easily revive your policy: Ordinary Scheme of Revival: As per this scheme, the arrears of all the unpaid LIC policy premiums must be paid with interest.