When the policyholder does not pay his premium on time, his life insurance policy lapses. Due to this, the benefits they get on the coverage also become temporarily inaccessible. To restart this insurance coverage, life insurance companies usually give a window of two years, during which period the policy holder can renew the policy by paying the premium and restarting the coverage.

What is a lapse policy?

If the premium is not paid within the stipulated days then the insurance policy lapses. To get the coverage available on any policy, it is necessary to renew the insurance policy from time to time by paying premium. If this is not done, the policy lapses. Life Insurance Corporation of India (LIC) reserves the right to reinstate or reject a canceled policy. LIC gives permission to restart the discontinued policy.

How to revive lapsed LIC policy

If your policy has lapsed due to non-payment of premium within the due date, all benefits, terms and conditions associated with the policy remain invalid until you revive it.

How to revive lapsed policy

If you have any LIC policy which has lapsed, you can pay its premium along with late fine. After paying the premium of LIC policy, the health benefits related to the policy will start.

Contact LIC – You can contact LIC through their customer care number, email or at your Pasi LIC branch.

Request for Revival Form – You can submit the revival form to revive your policy.

Pay late fine along with premium – You can pay the interest by paying late fine along with your premium.

How to get LIC policy service on WhatsApp

1. Type ‘Hi’ and send it to 8976862090 through WhatsApp application.

2. You will get 11 options to choose from. To select a service, reply in the chat with the option number. For example, if you want to know when your next LIC policy premium is due and how much premium you have to pay then send 1.

The post LIC: How to revive your lapsed LIC policy, know the method first appeared on Rightsofemployees.com.

You have to invest in PPF for a minimum of 15 years. This is a scheme made by the government on the lines of Provident Fund. Any job seeker, businessman, working women, housewife, children can also invest in this scheme. This plan helps in building a huge corpus after retirement.

Investment in PPF has to be done for 15 years

Investment in PPF is for 15 years, but that does not mean that you have to withdraw your money and close the PPF account. Doesn’t happen like this. You can extend this account of yours. You can extend this account for an additional period of 5-5 years. The period of the account is 15 years and after that you can extend it further for 5 years. You can invest in PPF for 15 years, 20 years, 25 years, 30 years etc.

These are the rules

However, if you keep your PPF account open for more than a year after maturity without making any deposits, you will not be allowed to make any additional deposits in subsequent years. You can withdraw money from your PPF account only once in a year. If you choose to increase it without depositing any money. For example you have Rs 20 lakh in your PPF account and it is active for 15 years. Then, you stop contributing and after two years it increases to Rs. 24.56 lakhs. If it gets interest at the rate of 7.10 percent.

This much interest is being received on PPF

The annual interest rate for PPF accounts is currently 7.1 per cent. You can invest a maximum of Rs 1.50 lakh annually in PPF.

The post PPF: How to increase investment in PPF after 15 years, know the method first appeared on Rightsofemployees.com.