Has your LIC policy lapsed due to non-payment of premiums? Here's what to do

LIC Policy Revival: The Life Insurance Corporation of India (LIC) offers various long-term schemes for its customers. However, if you miss paying your premiums for an extended period, your policy may lapse. Fortunately, LIC provides a window of two years to revive a lapsed policy. If your LIC policy has been discontinued and you want to reactivate it, here’s how you can do it.

Steps to Revive a Lapsed Policy

To revive the policy, one must pay all the outstanding premiums along with the applicable interest. The policyholder can complete the revival process by visiting an LIC agent or branch. Also, he/she can inquire about the process by calling LIC’s customer service. If any special reports or medical tests are required for the revival, the policyholder will be responsible for these costs.

Understanding Unclaimed Amounts  

In some cases, policyholders may be unable to pay premiums due to various reasons and may not even surrender their policy. In such cases, the money remains with LIC as an unclaimed amount. Additionally, if a policyholder passes away and the nominee does not claim the amount for several years, the money is classified as unclaimed. LIC provides a facility to check these unclaimed amounts.

How to Check Unclaimed Amounts 

To check if you have any unclaimed amount with LIC, visit their official website. Scroll down and select the “Unclaimed Amounts of Policyholders” option. A new window will open where you need to enter details such as the policy number, policyholder’s name, date of birth, and PAN card number. After entering the required information, click the “Submit” button. If there is any unclaimed money associated with your policy, it will be displayed on the screen. You can then proceed to claim the amount by following the necessary steps.