Everything you need to Know About LIC Renewal Process

Why Renewing Your LIC Policy is Important?

1. Uninterrupted Coverage

   Timely renewing your LIC plan offers uninterrupted coverage and ensures that in any unfortunate event, your family can have financial independence. Your family will receive a death benefit on your death which would help them to fulfill their future needs.

2. Peace of Mind

   When you know that you and your family’s financial needs are taken care of by your LIC plan, you can easily concentrate on other things. By paying a minimum premium amount, you can be sure that you can achieve all your future financial goals with your policy.

How to Renew your LIC Policy?

To renew your policy offered by LIC of India, follow the below-mentioned steps:

For Registered Users

Step 1: Visit the official website of LIC. Click on the ‘Customer Portal’ button, and then select the ‘Registered User’ button.

Step 2: You will be redirected to LIC login page, wherein you can pay your premium via:

Pay Direct (Without Login)

Through Customer Portal

Step 3: If you click on the ‘Through Customer Portal’ option, you need to enter your user ID/Email/Mobile, Password, and DOB and hit the Sign-in button.

Step 4: You’ll be redirected to the customer portal where you will find the ‘Self/Policies’ option.

Step 5: Click on the ‘Self/Policies’ option to view the details of your policy. On this page, you will be able to see your LIC policy renewal/due date. ‘Pay Premium’ option will be on the screen if your policy renewal is due.

Step 6: Click the Pay Premium option to proceed and provide the required information.Choose the payment option and pay your premium. Your premium payment receipt will be sent to you on your registered email address.

For Unregistered User

Step 1: Visit the official website of LIC. Click on the ‘Customer Portal’ button, and then select the ‘Registered User’ button.

Step 2: You will be redirected to LIC login page, wherein you can pay your premium via:

Pay Direct (Without Login)

Through Customer Portal

Step 3: Click on the ‘Pay Direct’ button (without login), and you will be redirected to the LIC online premium payments page.

Step 4: Then, you need to select the Renewal Premium/ Revival option from the Pay Direct list.

Step 5: On the next page, click on the Proceed button to move forward and fill up the Customer Validation form with your vital policy details such as Policy Number, Installment Premium, Date of Birth, Email Id, and Mobile number.

Step 6: Verify your policy details, and click the ‘Proceed’ button. Then select the LIC online payment option and pay your premium. Your premium payment receipt will be sent to you on your registered email address.

LIC allows the policyholder to opt for online policy renewal. A policyholder can renew their policy online through the official website of LIC, or can reach out to the nearest branch for offline renewals.

What will Happen to my LIC Policy If I Do Not Renew it?

Every LIC Policy comes with a grace period, wherein the policyholder is given 30 days to pay their due premiums. However in case if the policyholder is unable to pay the premiums within the grace period then the policy will lapse. Once your policy is lapsed, you will no longer be able to avail any benefits of your plan.

Fortunately, a lapsed LIC policy can be revived within a period of 5 consecutive years from the date of first unpaid premium.

How to Revive Lapsed LIC Policy?

To revive lapsed LIC Policy, you need to visit the official website of LIC of India. From there, you can pay the outstanding renewal premium, with interest (compounding half yearly) at the rate fixed by the company 

Note: The company reserves all the right to accept at original terms, accept at modified at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the company.

Summing it up

Timely renewals of your LIC plan helps you to avail all the benefits offered by your plan. One can renew their policy online or offline as per their convenience. Not just this, the company also allows you to revive your lapsed policy within the 5 years of lapsation, and once the policy is revived, the benefits from the policies are also reinstated.