India

LIC Allows Revival of Lapsed Policies Of Over Two Years

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.

Samiran Sarangi

Recent Posts

Odisha: Malkangiri-Visakhapatnam Air Connectivity May Become A Reality In 2025

Malkangiri: If things go as per plan, flight services between Odisha’s Malkangiri town and Visakhapatnam…

31 seconds ago

Miscreants Attack Man, Kidnap Female Friend In Odisha Capital

Bhubaneswar: Unidentified miscreants allegedly attacked a man and kidnapped his female friend in Maitri Vihar…

14 minutes ago

Youth Beaten To Death On Suspicion Of Theft At Shop In Odisha’s Balasore

Balasore: A young man was allegedly beaten to death on the suspicion of having committed…

1 hour ago

When A ‘Powerful Man’s Wife’ Broke Into Varun Dhawan’s House To Elope With Actor!

Mumbai: Bollywood celebrities have often had funny, at times bizarre experiences, mostly involving hero-worshipping, demanding fans.…

14 hours ago

Jatra Party Owner Arrested For Duping Actress Of Over Rs 8 Lakh In Bhubanewar

Bhubaneswar: Police have arrested the owner of a Jatra (theatre) group for allegedly duping an…

14 hours ago

How Punjab Farmers Have Paved The Way For Revival Of Organic Desi Cotton

Sanskriti Talwar Faridkot (Punjab): For the third consecutive year, Balwinder Singh of Mallan village in…

14 hours ago

This website uses cookies.