70 NEWS JAPAN - As eventuality and mishap can occur to anyone at any point of life, having a life insurance plan is must to have to deal with the uncertainties of life. A life insurance policy is the best way to secure the financial future of your loved ones even in your absence. As purchasing a life insurance policy is very important similarly renewing your policy time to time and revival of lapsed policy is equally crucial. We can define revival as “to bring back to life”.
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The revival of life insurance policy is required when the insured fails to pay the premium within the grace period and the coverage of the policy lapses. The inclusion of revival of policy is must to have as it provides on option to the insured person to renew the policy and continue with the coverage of the plan. The renewal of the lapsed policy can be done anytime within 5 years from the date of unpaid premium.
Suppose if the policy holder who owns a life insurance policy suffers any critical illness just before the expiry of the policy. In cases like this, if the policy of the insured person is not revived then he/she may face a lot of difficulties to buy any new insurance policy. Moreover, they won’t be able to avail the benefits of the pre-existing policy as the benefits of the policy will lapse.
The revival of your life insurance policy provides an option to extend the coverage, as the insurers cannot decline the revival of your life insurance policy because the option of revival of lapsed policy is always present in the original policy document.
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As revival of LIC insurance policy is not a prolonged process, one can easily revive the policy online in a quick, simple and hassle free-way.
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