LIC allows revival of lapsed policy of over 2 years
- Life Insurance Corporation of India (LIC) has allowed policyholders to revive their policies that have lapsed for more than two years.
- Before: Earlier, after the IRDA Product Regulation 2013, which came into effect on January 1, 2014, the revival period was restricted to two consecutive years from the date of the first unpaid premium.
- Now: The LIC policyholders who bought their policies after January 1, 2014 could revive their,
- Non-linked policies within five years of the first unpaid premium.
- Unit-linked policies within three years of the first unpaid premium.