New Delhi: The Life Insurance Corporation of India (LIC) on Monday announced that policyholders can revive lapsed policies of over two years.
In a statement, the state-run insurance company said lapsed policies of more than two years, which were not allowed to be revived under the Insurance Regulatory and Development Authority of India (IRDAI) product regulation 2013 can now be re-activated.
The decision will bring big relief especially to policyholders who had bought their policies after January 1, 2014 when the regulations had come into effect.
LIC approached IRDAI and extended the benefit of longer revival period to even those policyholders who bought policies post January 1, 2014, the statement said.
“Unfortunately, there are circumstances when one is unable to continue paying premiums and the policy lapses and it always makes better sense to revive an old policy rather than discontinuing it and buying a new policy to restore insurance cover,” LIC Managing Director Vipin Anand said in a statement.
Policyholders can click here to read the LIC statement.
Bargarh: A new artist will be selected to play the mythological character King Kansa during…
Mumbai: Suhana Khan will be making her Bollywood debut with ‘King’ along with her superstar…
New Delhi: After Diljit Dosanjh called out the double standards of Telangana government for banning…
New Delhi: Recent actions and counter-actions in the Russia-Ukraine conflict have pushed the world to the…
Balangir: Three persons were arrested and fake IPS officers’ uniforms along with fake identity cards…
Mumbai: Abhishek Bachchan’s highly-anticipated film ‘I Want To Talk’ released in theatres on Friday, and the…
New Delhi: Accused of giving cash to secure votes ahead of election day in Maharashtra,…
Bhubaneswar: Chief Minister Mohan Charan Majhi attended the ‘Odisha State Day Celebrations’ at the 43rd…