New Delhi
LIC brings an excellent opportunity for all its policy holders to revive their lapsed policies. The policies which have lapsed for more than 2 years and which can not be revived earlier can be revived now.
After the IRDA Product Regulation 2013, which came into affect on 1st January, 2014, revival period was restricted to two consecutive years from the date of first unpaid premium, during which period policy holder is entitled to revive the policy which was dis continued due to non payment of premium. All policies taken after 1st January, could not be revived if they remained in lapsed condition for period more than two years.
Vipin Anand, Managing Director of LIC said, “Buying a life insurance is the most prudent decision takes in life. Unfortunate, there are circumstances when one is unable to continue paying premiums and policy lapse. It always makes sense to revive and old policy rather than discontinuing it and buying a new policy to restore insurance cover. We value our policy holders and value their desire to continue their life insurance cover with us”
This is a unique opportunity for LIC policy holders to revive the policies that could not be revived in the past and restore life cover to ensure financial security.
