My LIC policy lapsed two years ago because I missed some premiums. I want to reactivate it now. What is the revival process, and how can I check my bonus status on the LIC portal?
You can revive a lapsed LIC policy by paying all the outstanding premiums along with any applicable late fees, a process that is typically initiated at your LIC home branch. Once your policy is revived and its status is âIn-Force,â you can check the status of your accrued bonuses through the online LIC customer portal.
The First Step to Revive Your Lapsed Policy: Contacting Your Branch
My friend had a policy that had lapsed for two years. The first step for him was to visit his LIC home branch to get a ârevival quotationâ. The officials there calculated the exact amount he needed to pay, which included the two years of unpaid premiums plus the accumulated interest for the period of delay.
Submitting the Necessary Forms for Revival
Along with the payment, the branch official gave my friend a revival application form to fill out. He also had to sign a âDeclaration of Good Healthâ (DGH) form, as his policy had not been lapsed for a very long period. The official did mention that for policies that have been lapsed for many years or have a high sum assured, LIC may require the policyholder to undergo a fresh medical examination.
Checking the Bonus Status of Your Policy Online
A couple of weeks after my friend completed the revival process, his policy status on the LIC portal updated to âIn-Forceâ. He then wanted to check his bonus. I showed him that after logging into the portal and clicking on his policy number, he could see a âBonus Informationâ tab which displayed the total bonus accrued on his policy to date.
Understanding the Bonus Status After Revival
The bonus amount he saw was only for the years before his policy had originally lapsed. I had to explain an important rule to him. A policy does not earn any bonus for the financial years during which it remains in a lapsed state. The revival payment makes the policy eligible to earn future bonuses from that point onwards, but it does not retroactively recover the bonuses that were missed during the inactive period.
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