Can I get money from lapsed LIC policy?

Yes, you can get money from a lapsed LIC (Life Insurance Corporation of India) policy, but the amount you can receive depends on the type of policy you have and whether it has any accumulated cash value or surrender value. Here's what you need to know:

No Surrender Value: If your LIC policy is a term insurance policy or a traditional participating policy that has not accumulated any cash value, there is no money available to be received from the policy after it has lapsed. In such cases, the policyholder does not get any money back, and the life insurance coverage becomes void.
Surrender Value: If your lapsed LIC policy is a permanent life insurance policy (e.g., whole life, endowment, or money-back policy), it may have a cash value component. The cash value is the accumulated savings and investment portion of the policy. If you decide to surrender the lapsed policy, you can receive the surrender value, which is the amount available for payout after deducting any applicable surrender charges. The surrender value is usually lower than the total premiums paid, especially if the policy has lapsed early in its term.
Revival of Lapsed Policy: In some cases, you may have the option to revive a lapsed LIC policy within a specific period (usually two to three years) by paying the outstanding premiums and any applicable interest. Reviving the policy allows you to reinstate the life insurance coverage and continue the policy as if it had never lapsed.
Non-Forfeiture Benefits: Some LIC policies offer non-forfeiture benefits, such as reduced paid-up policy or extended term insurance, even if the policy has lapsed due to non-payment of premiums. These benefits provide a reduced coverage amount, but the policy remains in force without the need for further premium payments.

To know the specific details of your lapsed LIC policy and its surrender value or non-forfeiture options, contact your nearest LIC branch or get in touch with your LIC agent. They can provide you with the necessary information and guide you on the available options for handling the lapsed policy. If you wish to explore the possibility of reviving the lapsed policy, act promptly, as the revival period is limited and varies depending on the policy type.

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