How to Renew LIC Policy Premium: For paying premium for the LIC policies, online is the easer mode but still some are unaware of it and pay to agents. LIC, Life Insurance Policy is a known and vital name in the category of life insurance. People trust on LIC since it came into being via Indian government. How to Renew LIC Policy Premium is the one query that is worrisome to the users. Renew is the team which means regenerate. In connection to LIC it implies that when policy is lapsed because payment is not paid within the grace period (minimum within a month if mode of paying payment is Qly/Yearly/Half-yearly/ and 15 days, if mode in moth wise) then policy gets lapsed. Lapsed policy can be renewed within the period of 5 years starting from the period from the date when the amount is unpaid. Overall there are 5 types of schemes under this:
- Ordinary Renew: This category suggests renewing the lapsed policy by making payment of all the unpaid premiums.
- Special Renew: If the amount is failed to be paid in lump sum then policy can be renewed under special scheme. There are some conditions for following specials renew.
- Instalment Renew: If amount is not paid in lump sum and in special renew installment renew is suitable to the need. However, there are some conditions for following this scheme.
- Survival Benefit as well as Revival Scheme: Just in case money back policy is renewed by using survival benefits which gets into due date, in that case of S.B. due date which is earlier than date of scheme renew. In case, the amount is greater than S.B. amount the excess of the amount is demanded. However if the case is opposite then it has to be given back via policy holder.
- Loan-Cum-revival: One can renew the LIC policy by acquiring policy loan just in case if policy has surrender value on the revival date.