News From Press LIC extends revival period, to relaunch insurance plans as per IRDAI’s new guidelines

LIC extends revival period, to relaunch insurance plans as per IRDAI’s new guidelines

Along with extension of revival period, IRDAI, in its latest guidelines, has asked insurance companies to incorporate many other changes.

Financial Express Nov 6, 2019

Good news for LIC customers. The company has decided to increase the revival period of its 32 products and will also be relaunching its insurance plans as per the new guidelines of IRDAI. As per the new guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI), instead of the existing revival period of 2 years, insurance policies issued from January 01, 2014 by Life Insurance Corporation (LIC) of India can now be revived within 5 years from the date of the first unpaid premium (FUP), starting November 4, 2019.

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