New Delhi: Life Insurance Corporation (LIC) of India has relaxed its guidelines to allow its policyholders to revive a policy that has lapsed even beyond two years. In a statement released on Monday, LIC said that it is now providing an opportunity to revive such older policies.
An LIC policy gets lapsed if the premium is not paid within the due date. Generally, a policyholder gets a few months' time to pay the premium after the due date to keep the policy active. After the IRDA Product Regulation 2013, which took effect on January 1, 2014, the revival period was restricted to two consecutive years from the date of the first unpaid premium.
According to the new guidelines, customers who have bought policies after January 1, 2014 will be able to could revive their non-linked policies within five years and unit-linked policies within three years of the first unpaid premium.
Within this period, a policyholder will be entitled to revive a policy which was discontinued due to the non-payment of the premium. However, all policies taken after January 1, 2014 may not be revived if they remained in lapsed condition for a period exceeding two years.
Vipin Anand, LIC Managing Director, said, "Buying life insurance is one of the most prudent decisions a person takes in life. Unfortunately, there are circumstances when one is unable to continue paying premiums and the policy lapses. It always makes a better sense to revive an old policy rather than discontinuing it and buying a new policy to restore insurance cover.
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LIC said that this is a unique opportunity in the industry.