Renewing your Life Insurance Corporation of India (LIC) policy is crucial to provide continuous financial security for yourself and your family members. LIC’s technological advancements have made the policy renewal process more convenient and accessible. Below is a complete guide to assist you in smoothly renewing your policy.
How to Renew Your LIC Policy Online
LIC offers multiple online platforms for policy renewal:
1. LIC Customer Portal
- Login: Visit LIC’s official website and log in to your account.
- Navigate: Go to the ‘Online Payments’ section.
- Payment: Select your policy, verify details, and proceed to pay the premium using net banking, credit/debit cards, or UPI.
- Receipt: An e-receipt will be sent to your registered email and will also be available in your portal account.
2. PayDirect Option
- For unregistered users, LIC provides the ‘PayDirect’ facility.
- Process: Enter your policy number, date of birth, premium amount, mobile number, and email ID.
- Payment: Proceed to pay the premium.
- Receipt: An e-receipt will be sent to your registered email.
3. Bharat BillPay Integration
- LIC is registered as a biller on the Bharat Connect platform.
- Access: Use any mobile payment app or website registered with Bharat Connect.
- Payment: Pay your renewal premiums through digital payment modes seamlessly.
4. WhatsApp Payment Facility
- LIC has introduced premium payment through WhatsApp.
- Process: Save the number 8976862090, send a ‘Hi’ message, and follow the prompts to pay your premium.
Consequences of Not Renewing Your Policy
Failing to renew your LIC policy can lead to:
- Policy Lapse: If premiums remain unpaid beyond the grace period (15 days for monthly and 30 days for quarterly, half-yearly, and yearly modes), the policy lapses.
- Loss of Benefits: A lapsed policy means loss of life cover and maturity benefits.
- Revival Limitations: Policies not revived within 5 years from the first unpaid premium date become ineligible for revival, leading to permanent loss of benefits.
Reviving a Lapsed LIC Policy
LIC allows policyholders to revive lapsed policies within 5 years from the date of the first unpaid premium. Here’s how:
1. Ordinary Revival
- Payment: Pay all unpaid premiums along with interest.
- Interest Rates: Interest is compounded half-yearly and rates are fixed by LIC periodically.
2. Revival Campaigns
- LIC periodically launches special revival campaigns offering concessions:
- Late Fee Concessions: Depending on the total premiums paid, concessions up to ₹3,000 are available.
- Eligibility: Policies lapsed during the premium paying term and not completed policy term are eligible.
3. Medical Requirements
- Depending on the policy type and duration of lapse, medical tests may be required.
- The cost of medical reports, including special reports, if any, required for revival of the policy shall be borne by the Life Assured.
Steps to Revive Your Policy
- Check Eligibility: Ensure your policy is within the 5-year revival window.
- Calculate Dues: Determine the total unpaid premiums and applicable interest.
- Medical Tests: Undergo medical examinations if required.
- Payment: Pay the dues through LIC’s online portals or at the nearest branch.
- Confirmation: Receive confirmation of policy revival and updated policy documents.
Best Practices
- Timely Payments: Always pay premiums within the grace period to avoid lapses.
- Set Reminders: Use digital calendars or LIC’s reminder services to stay updated on due dates.
- Stay Informed: Regularly check LIC’s official website or contact customer service for updates on revival campaigns and policy details.
Renewing your LIC policy provides ongoing financial security and peace of mind. From several online channels and regular revival drives, LIC provides convenience and assistance to its policyholders. Stay proactive, stay insured.
