Each and every person we know and also including us would have bought a LIC policy back then because it could either be from our friends or our family members who would suggest us to buy or maybe a LIC agent who would have suggested us to buy a LIC policy or maybe a tax deduction by our employer as TDS (Tax Deducted at Source) from monthly salary or there might be any other reason behind the purchase of the policy. After purchasing it anyway and decided to pay the premium money, at some point in time we would have stopped paying the premium. There could be many reasons but the primary reason would be that we wouldn’t have had enough money. As you had stopped paying the LIC policy premium, your policy will lapse with the end of the grace period.
What is a grace period?
A grace period is nothing but the time provided or extended by the insurer after the premium end date where to pay your pending premium with a late fee and the insurance coverage continues and with the end of the grace period, your life cover ceases.
What if the policy gets lapsed?
If your policy gets lapsed due to the non-payment of the premium then you can revive your policy again by paying your pending dues and also by providing the medical reports as per requisition. You may also choose to surrender your policy and withdraw the surrender value from your policy.