How can I check my lic policy status lapsed?

How to Check LIC Policy Details Online?

1. Step 1: Go to the official LIC website, fill in your credentials like username and password.
2. Step 2: Login to your account and select the option ‘View Enrolled Policies’.
3. Step 3: You will be directed to a page where you can see all the listed enrolled policies.

What will happen to lapsed LIC policy?

Revival Of Lapsed Policies If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

How can I reactivate my lapsed LIC policy?

The revival of lapsed LIC policy is not an extensive process. Policyholders can quickly revive the policy online by visiting the official website of LIC or visit the nearest branch of the company. Naval Goel is the CEO & founder of PolicyX.com.

How long does it take for an insurance policy to lapse?

A policy does not lapse each and every time a premium payment is missed. Insurers are legally bound to give a grace period to policyholders before the policy falls into a lapse. The grace period is usually 30 days. Insurers provide policyholders a period of 30 days to pay for the missed premium deadline.

Can a lapsed LIC policy be surrendered?

Guaranteed Surrender Value: A policyholder can surrender his/her policy only after the completion of 3 years, i.e. the policy has to have been in force for a period of 3 years, at least. The surrender value provided by LIC is essentially 30\% of the premiums that have been paid so far.

What is the penalty for late LIC premium?

Premium can be collected for ULIP Policies; however, premium for Health Insurance policies cannot be collected at present. Late fee is computed @8\%. Minimum late fee is Rs 5/-. Premium cannot be collected for Next Financial Year.

How do I reinstate my lapsed insurance policy?

To reinstate a lapsed policy, the policyholder needs to make an application for revival to the insurance company. The company may prescribe submitting a standard revival form. It is recommended to take advice from the insurance agent or visit the company branch to understand the process.

How can I reinstate my LIC policy?

It can be revived any time within 5 years from the date of first unpaid premium. To revive a lapsed policy, you need to pay the accumulated unpaid premiums along with the interest. Depending on the policy and the insurer, you will be paying an 8-9\% penalty on unpaid premiums for a plan that will yield 5-6\% returns.

Can we pause LIC policy?

If you wish to discontinue your life insurance policy for any reason, you can do so, but at a cost. In case of a term life insurance policy, if you stop paying the periodic premium, the policy automatically lapses, i.e., the risk cover ceases but there is no other additional downside or cost.

What if I stop LIC premium?

Term: If you stop paying premiums, your coverage lapses. Permanent: If you have this type of policy, you will have the following choices: Cash out the policy. You may, however, have to pay taxes on some of the cash value if the sum exceeds what you have paid in premiums.

What to do if your LIC policy has lapsed?

If you miss it, your only option is to revive the 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.

What happens if your life insurance policy lapses?

If the policyholder has a medical history or is under treatment for a long time, then he/she will be required to submit the medical reports. The insurance company may charge some fines/penalties for the revival of the policy. This depends upon the sum assured and the period after the policy has lapsed.

How to make registration online and check LIC policy status?

How to make registration online and check LIC policy status is also described in the subtopics below. You can check details of your LIC policy including details of the LIC premium payment online, accrued bonuses, group schemes, etc. by simply logging on to the official website of LIC India with your LIC login credentials.

How to revive your LIC insurance policy?

You can easily revive your LIC insurance policy by keeping in mind the factors listed below: Revival of policy can be done and initiated only if the policy has not exceeded a specific duration of time from the lapsation of the insurance policy. The period will be determined by the LIC, which is also dependent on the type of policy.