Limited offer of LIC, the closed policy started in such a way
If you have a LIC policy that has been closed which you want to turn once again, now you can easily get it done.
If you have any policy of Life Insurance Corporation (LIC), India's largest insurance company, you need to know this. Because LIC is going to give its customers a facility for Limited Time Limits. That can also be useful to you.
If you have any policy of LIC. If you want to turn it off and you want to turn it on, you can do this very easily. But you can take advantage of this offer only till October 15. LIC has given this information on Twitter.
What is LIC's Revival Policy?
Revival means that a closed insurance policy should be started. The main reason for buying a life insurance policy for a policyholder is that when a sudden death occurs, the family will get financial support after their death. But due to not paying the premium at this time, your policy plan may fail and the complete effort can go in vain.
If you have a policy amnesty mode annual, half-yearly or three monthly, LIC only gives you a 30-day period and if you are a month then only 15 days. If a policy premium is not paid for six months or more then the policy is terminated, ie the policy lapse.
The 5 closed and lapsed policies can be started under this option.
Ordinary Revival: Under normal plan, LIC policy can be renewed after paying the existing interest rate on the lump sum amounts of all unpaid premiums. Currently, the interest rate is 9.5% annually.
2. Special Revival: If a policy holder is unable to pay all the premiums for a lump sum, he can renew his policy under this special revival plan. The scheme starts to rise early in the process and the policyholder has to pay only one premium according to their age (at the time of REVIVAL). It is also necessary to complete the following conditions for REVIVAL of LIC policy under special REVIVAL scheme.
Special Revival can be done only once in the entire policy term.
Important REVIVAL is only allowed for LAPSE policy within three years.
-Policy should not take any surrender value, it is used within 3 years from the date of commencement of this option policy.
3. Installments Revival by Week: If the policyholder lump sum is unable to pay all the premium, then he can use this plan to revise his policy. Under this scheme, it can renew the policy by paying the necessary amount immediately.
- Half of the annual premium payment, in annual payments
In six months mode, a six monthly premium
- On payment in quarterly mode, 2 quarter premium
- In monthly payments, 6 months premium, outstanding premium installment is paid within two years. According to the policy period, you will be given regular premium DGH and medical report.
4. Survival Benefit cum-Revival Scheme: In case of MONEY bank, money bank type policy can be revised using MONEY Bank (SB).
5. Loan-Cum-Revival Scheme: If a policy receives surrender value on REVIVAL, then the loan can be taken on the policy. The loan can be used to make the loan run by the policy. If the debt is less than REVIVAL, then the policyholder has to pay the remaining amount. If the revival amount is less than the loan amount, then the remaining amount is paid to the LIC policyholder.