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My father had bought a LIC plan for premium of 50,000 rupees. My father’s date of birth is 20/08/1957. This policy has two half yearly instalments every year. He had missed the last instalment. Now wants to reinstate the same. Please help and tell me the procedure for reinstatement.
You need to visit your branch with the policy document and application for reinstatement. In LIC, they have reinstatement section go there and pay the premium with the application of reinstatement.
Go to LIC office from where you had bought this policy pay the premium. But your father may need to go for medical examination.
1- The LIC requires, FMR, where medical examination is required, if lapse more than a year.
2- The LIC requires evidence of good health form (DGH) if policy is lapse more than six months.