Special Revival Scheme of LIC

Special Revival Scheme of LIC Click Here

Special revival scheme can be availed if the insured person is unable to pay the premium in lump sum. Under special revival scheme the insured can be asked for medical report and declaration of good health under form no-680. ... The insured person can do special revival only within 3 years of the policy lapsation.

Special Revival Scheme

A lapsed policy can be revived under the above scheme by shifting the original date

of commencement by the period of maximum 2 years. 

The new date of commencement should not fall beyond 31.12.2013.The Conditions for reviving a policy under Special Revival Scheme is as under:

a) Policy must not have been lapsed for a period of less than 6 months or more than 3

years reckoning up to the date of revival.

b) Policy can be revived under this scheme only once during the policy term.

c) Maturity age shall not exceed the original stipulated period under respective plan.

d) Revival requirements will be as per the usual terms and conditions as applicable

from time to time.

e) Difference between old premium and new premium with interest thereon will be

collected as on the date of revival.

f) Policyholder has to give written request for reviving the policy under the above

scheme.

9) In case of Money Back plan, policy preparation charges and stamp fee will have to

be borne by the policyholder.