POSTED BY May 12, 2014 11:29 pm COMMENTS (5)ON
I have a Jeevan Saral policy registered in 2011 through a relative but now I understand that he has not paid last 4 premiums and now if I have to continue policy, I have to pay penalty to keep it alive. Please help me out with following inputs
1. What is the fine rate I am looking at, is it 8% or does it vary?
2. do I get benefit in terms of Interest and Bonus for the 2 years whose premiums have been delayed?
3. Do I need to visit the same branch where policy has been registered? I know that it cannot be done online
4. For how long does LIC considers a policy lapsed before it cancels it out and there is no recovery procedure?
Please help me out in resolving this issue.