The Life Insurance Corporation of India (LIC) has given a big relief to policy holders who were not paying their premiums for more than two years and whose policy was lapsed. According to LIC, customers who have not paid their premium for two years and whose policy has lapsed, can now get their policy revived. Life Insurance Corporation of India has said in its statement that policies which have been lapsed for more than two years and which were not allowed to be revived earlier, can now be rolled out. LIC has set a deadline of 30 November 2019 for this so that maximum customers can take advantage of it.

According to the IRDAI Product Regulations 2013, which came into effect from 1 January 2014, they could have their policy revived for two years on the date on which the policy holders do not pay the premium. Earlier, all policies which had lapsed due to non-payment of premium for more than two years could not be revived after two years.

LIC gives huge relief to customers, now they can get their discontinued policy up to November 30

New Delhi, Business Desk. The Life Insurance Corporation of India (LIC) has given a big relief to policy holders who were not paying their premiums for more than two years and whose policy was lapsed. According to LIC, customers who have not paid their premium for two years and whose policy has lapsed, can now get their policy revived.

Life Insurance Corporation of India has said in its statement that policies which have been lapsed for more than two years and which were not allowed to be revived earlier, can now be rolled out. LIC has set a deadline of 30 November 2019 for this so that maximum customers can take advantage of it.

According to the IRDAI Product Regulations 2013, which came into effect from 1 January 2014, they could have their policy revived for two years on the date on which the policy holders do not pay the premium. Earlier, all policies which had lapsed due to non-payment of premium for more than two years could not be revived after two years.

LIC approached IRDAI to continue to enjoy the benefits of life insurance cover and extended the period of commissioning of the policy beyond two years for the customers who have taken the policy after January 1, 2014.

Life Insurance Corporation of India has stated that policy holders who have taken out their policy after 1 January 2014 will have their non-linked policy within five years from the date of first unpaid premium and within three years in case of ULIPs Can get the policy started again. Its last date is 30 November.

LIC managing director Vipin Anand said that there have been many instances where a policy holder has been unable to pay the premium and due to this the policy lapses. It is always a good thing that people get their old policy revived and not take the new policy from the old one.

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