Life Insurance policy Terms definition
Lapsed Policy:- LIC insurance policy is considered ‘lapsed’ if the premium is not paid within the grace period, which is 30 days in case of annual, half-yearly and quarterly renewals and 15 days for monthly renewals. a LIC policy will acquire it's surrender value i ) if Date of Commencement is on or before 31st December 2020 and 3 full years premium is paid, then the policy will acquire it's surrender value. ii) if Date of Commencement is on or after 1st January 2021 and 2 full years premium is paid, then the policy will acquire it's surrender value.