Revival in very important process by which one can restart the risk cover in his/her lapsed policy by paying all the arrears of premium up to the date. But some times people are unable to revive their policy because, they are away from their servicing branch. This problem is mainly faced by service class people who have transferable jobs. To over come the problem faced by the policy holders, LIC of India in Feb, 2009 allowed the anywhere revival facility of some lapsed policies in any other branch through its circular CO/CRM/729/23 dated Feb 10, 2009. Policy coming under criteria mentioned below can be revived in any LIC branch in India.
Anywhere revival of lapsed policy without evidence of health with arrears of premium with interest
LIC policy holder can revive his/her policy in any branch of LIC if their policy fulfill any of these below mentioned criteria:
- If premium in a policy have been paid for at least 5 years or more and revival is being done by paying arrears of premium with interest within 12 months from First unpaid premium(FUP) except few high risk plans like 94, 111, 150, 153, 164, 177 and 190. Policy holder must be 18 years or above on the date of revival.
- Revival under pure endowment plan (21) and annuity plans like 96, 45, 116 and Jeevan Suraksha Plan 122 (without life cover)
- Revival of policies during last 12 months before the date of maturity in endowment types of policies, except under money back policies
- Revival of policy under free cover period under plans 87, 91, 128,192 if without Critical Illness (CI) rider.
- Revival under auto cover period in plans 165, 17, 179, 184 and 185
Anywhere Revival of policies up to age 60 years on date of revival on basis of Declaration of Good Health (DGH) alone with arrears of premiums with interest
- Anywhere revival of policies is allowed if done within 7th month of FUP and DGH received with 2 weeks after its called for(provided policy is issued on ordinary terms). If policy was earlier issued/revived with health/build extra then revival in other branch is not allowed.
- Revival of polices between 12 months to 18 months from date of FUP provided premium have bee paid for 10 years or half of the term(whichever is more)
- Revival of policies in last 12 months prior to the date of maturity in case of all type of money back plans.
- Revival of endowment type of policies, if arrears of premium and interest is received with 12 to 24 months prior to date of maturity with satisfactory DGH.
- Anywhere revival in these plans are not allowed: 88, 89, 94, 104, 105, 106, 107, 108, 109, 110, 111, 121, 129, 131, 133, 153, 160, 164, 177, 190 and plans with riders other than DAB.
Anywhere revival if policy docket images are available and can be seen in other branch
Revival of lapsed policy is allowed on the basis of full medical report (FMR) + DGH where other branch office are able to view images of policy docket. When other branch are able to see the original policy documents, then they can compare the measurements mentioned in proposal form with details in DGH and FMR submitted at the time of revival, thus able to revive the policy accurately with proper requirements and medical reports.
Anywhere Revival is not allowed under following cases
- Anywhere revival is not available under term assurance plans like 94, 111, 150, 153, 164, 177, 190 and all the ULIP plans like 140, 172, 173, 180, 181, 187, 188, 191, 193 and 901.
- Revival under any other scheme of revival like special revival, loan-cum-revival, SB-cum-revival, installment revival is not allowed.