Hello Sir,
I took an LIC insurance policy with a premium per annum Rs 8000/-, after paying for 2 year, I went abroad and I could not pay for the next 2 years. Now I want to pay the arrears. What should I do? Is there any penalty for this?
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Hello Sir,
I took an LIC insurance policy with a premium per annum Rs 8000/-, after paying for 2 year, I went abroad and I could not pay for the next 2 years. Now I want to pay the arrears. What should I do? Is there any penalty for this?
Contact your LIC branch office. They will advise you on the procedure to revive the policy and charges applicable on this.
The maximum time allowed to pay the premium on discontinuous (Lapsed) Policies
A policyholder can revive his Lapsed (discontinued) policy within 5 years from the due date of his unpaid premium.
One More Point -
Where should I pay the premia for my Lapsed policies ?
You have to approach the PS/Revivals dept. of the original branch only to revive your Lapsed policy and pay the arrears of premia.