The revival of lapsed LIC policy arises when the insured is unable to make the payment of premiums on-time or within the grace period. It has decided to launch a special revival campaign from August 10 till October 9 for its customers to revive their individual lapsed LIC policies. Read more on everything you need to know about Special revival campaign. LIC brings special revival campaign to its policy holders to bring life to lapsed policies. Hence, there is no guarantee that the policy will be revived on the same terms as originally accepted. In cash of LIC 'Revival' is required when a policy gets lapsed if the premium is not paid within the grace period (minimum 1 month if mode of payment is Yly/Hly/Qly and 15 days if mode is monthly). Special revival scheme: In this method, a lapsed policy can be revived by shifting the original date on which the policy commenced. Please get it … 3. New Delhi: If your life insurance policy has lapsed, you no longer enjoy the financial protection that it offers. Length of Service with him 35. Revival of Lapsed Policy (Form 700) Page 1 of 4 (Established by the Life Insurance Corporation Act, 1956) PERSONAL STATEMENT REGARDING HEALTH For a policy on another life except for C.D.A. The revival of the lapsed policy is a fresh agreement where the insurer can impose fresh terms and conditions. Is any proposal or an application for revival of a lapsed Policy on your life under consideration of this or any other office of the Corporation? You can otherwise use Form no 700 or 720 or some other medical report. Name of Insurant (Mr./ Mrs./ Ms.) First Name Middle Name Last Name 2 . "In view of the prevailing circumstances, no concessions are being offered in medical requirements and the same are limited to late fee only; under plans other than term assurance and other high risk plans," LIC … Revival of Lapsed Policy Forms Fno 700 1. Revival of Lapsed Policy (Form 680). LIC of India has launched a limited period scheme to revive your lapsed policies with special discounts and health requirement concessions. If you have taken the To extend the benefit of continued cover, LIC has extended the benefit of longer revival period to even those who bought policies after Jan 2014. During the same, the policyholders are not able to avail the benefits of the life insurance policy . Notably, this policy revival drive is to encourage individuals to continue their risk coverage amid the coronavirus pandemic. On successful registration, the customer will have access to information regarding status of policy/s, loan, revival, premium due/ policy calendar, maturity calendar etc. Policy Apps provides one stop solutions for all LIC Agents & Development Officers, it's beautiful features and the most user friendly interface, even enables the people with the least of computer knowledge to use it with ease and Page 1 of 3 (Established by the Life Insurance Corporation Act, 1956) PERSONAL STATEMENT REGARDING HEALTH For a policy on another life under C.D.A. Revival of Lapsed Policy (Form 720). (Revival of Lapsed Policies both Medical & Nonmedical basis) F.NO. The campaign will continue till March 6 this year and assist LIC policyholders to revive their lapsed … Feedback Form Policyholders may use the ‘Feedback’ link to send their queries and valuable suggestions / comments. Disclaimer : This video is not sponsored by anyone, this is just to educate you with regards to importance of your insurance policy. “For term plans, revival means that within three months the policy is reinstated with a health declaration form but beyond six months, the proposer will be asked to take the medical tests all over again. 2- Policyholder needs to submit a revival request letter with Form No 680 or DGH (Declaration of Good Health) and Form No 700 / 720 or medical report (if … The agent will submit the form and payment to the LIC office and your policy will come to effect again. Agent's Name POLICY NO. Click here to ⇒ Download form required to revive lapsed LIC policies Special Revival Campaign floated by LIC is a great opportunity to revive lapsed polices and regain the invaluable insurance coverage with a rebate in interest amount and special concessions on health requirements. Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival are eligible to be revived in this campaign, it said. LIC had launched a similar campaign from August 10 till October 9, 2020 for its customers to revive their lapsed individual policies. It is possible to shift the date by up to a maximum of 2 years under this scheme. The Lapsed LIC Insurance Policies due to non-payment of premium can be revived within two years period from the This special revival campaign had already started from 7th January and would last till 6th march 2021. Policyholders may also be required to provide Form No.680 or Declaration of Good Health (DGH) and a medical exam report to support the same. 680 fiNT.<û.Rev. REVIVAL OF LAPSED LIC INDIA POLICIES The world 'Revival' means 'To bring back to life.' You need to contact the LIC agent who did your policy. 1- LIC policy revival will be done only in the branch, where the policy was issued or where you have taken this policy (check branch in your policy bond). The campaign, which will continue till March 6 this year, will help LIC policyholders to revive their lapsed individual policies under certain conditions. Page 1 of 3 (Established by the Life Insurance Corporation Act, 1956) PERSONAL STATEMENT REGARDING HEALTH (Revival of Lapsed Policies on both Medical & Non-Medical basis) Agent’s Name : Divl. Policyholders will get 20 percent late fee concession or Rs 2,000 for revival while 25 percent concession for annual premiums between Rs 1 lakh and Rs 3 lakh, it said. In cash of LIC 'Revival' is required when a policy gets lapsed if the premium is not paid within the grace period (minimum 1 month if mode of payment is Yly/Hly/Qly and 15 days if mode is monthly). Revival of Lapsed Policy Forms Fno 680 1. While in case of annual LIC premium from Rs 3,00,001 and above, the LIC of India is giving 30 per cent rebate in late fee for LIC lapsed policy revival. 75) Date of Receipt Inward No. APPLICATION FOR REVIVAL OF POSTAL/ RURAL POSTAL LIFE INSURANCE POLICY (Please fill in the columns in CAPITAL letters) 1. This type of LIC Lapsed Policy Revival: Terms and Condition However, to avail of this LIC Lapsed Policy Revival Scheme 2021, the LIC lapsed policy can be revived only when the policy … Your policy document will state whether your policy is eligible for revival if it has lapsed. Plan with deferment period 10 years or more on the date of proposal or revival of a Policy. The LIC policy holder needs to submit a request letter for LIC policy revival using the form no 680 or DGH. REVIVAL OF LAPSED LIC INDIA POLICIES The world 'Revival' means 'To bring back to life.' _____ (ii) Policy If answer is `Yes’ give the following details :- (i) Proposal No. Beyond five years, insurers may allow for policy revival on a case-to-case basis. discharge form and IN BLOCK LETTERS) Aadhar Card No. Policyholders can avail of the following schemes for reviving their lapsed policies: Simple revival scheme Policy Loan-cum At the time of revival of LIC policy, the policy The revival of money back policies can be allowed under ordinary revival by taking into account the amount of survival benefit that had fallen due. If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. To revive your policy you have to fill DGH (Form 680), visit any nearest branch to get the revival quotation and if there are no medical requirements for revival then you can revive your policy in any LIC branch. Policy can be revived easily without any problem. PAN No. Earlier, all policies taken after Jan 2014 could not be revived if they remained in lapsed condition for more than 2 yrs. The policyholder has to submit usual revival requirements, S.B.