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LIC Lapse Policy: Generally, investing in LIC policy is considered safe. Many times people's insurance policy lapses and then people forget about it, because they do not know how to restart the policy.

LIC Lapse Policy : Lakhs of people in the country have bought Life Insurance Corporation policies to secure their future. This government insurance company has policies for people of all age groups. Generally, investment in LIC policy is considered safe. Many times people's insurance policy lapses and then people forget about it, because they do not know how to restart the policy. So let's know how you can restart the lapsed policy of LIC.

Why does the policy lapse

LIC's insurance policy gets lapsed due to non-payment of premium on time. The lapsed policy can be revived within a stipulated time limit. LIC runs campaigns from time to time to revive lapsed insurance policies. As per LIC's rules, it is necessary to run any policy for at least three years. Only in this situation can you revive your policy.


Which policy gets lapsed

LIC puts the policy in the lapsed category if the premium is not deposited for three years. The company also informs the policy holder about this. If someone does not deposit the premium for five years, then the policy lapses completely. It cannot be revived even later.


How to restart a lapsed policy
To revive a lapsed policy, you first have to go to the nearest branch of the insurance company and get a revival quote. The lapsed premium is added to it and a penalty is also imposed. After this, the policy holder also has to submit a health certificate. If the revival amount is more than Rs 50, then a photocopy of the PAN card will also have to be submitted. It is also necessary to fill Form No. 680 while depositing the money. In this way, the lapsed policy can be restarted.