Hi, I had invested in LIC policy and paid premium for 2 years. Unfortunately, after that I stopped paying premium, and policy status is showing as lapsed now. Can I get my money paid for premium back? What is the process. Policy was for period of 15 years.
Ans: Hi Sharad, unfortunately when you stop paying your premiums, the policy lapses. If your policy has lapsed owing to non-payment of premiums on time, the terms and conditions of the policy contract are null and void until you reinstate it. A lapsed coverage must be reinstated by paying the accumulated premiums with interest and providing the necessary health information.You will have to pay the premiums of the years missed and then the policy will get revived.
