LIC CLaim after death of the Inssured

[Puspita]

Hi,

My cousin's father had a LIC policy for 20 years.On the 18th year he passed away.Before his death his last premium date was in the month of December.But they have not paid the premium for that month.And the grace period is also got over.And in the month of February he passed away.That they didnt pay the premium.Can we claim the insurance?

Kindly suggest

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[Matrix]

You'll get the LIC claim subject to deduction of unpaid premium. See point 1 below:

Concessions for claims during the lapsed period:
1. If the policyholder has paid premiums for atleast 3 full years and subsequently discontinued paying premiums, and in the event of death of the life assured within six months from the due date of the first unpaid premium, the policy money will be paid in full after deduction of the unpaid premiums, with interest upto date of the death.

2. If the policyholder has paid premiums for atleast 5 full years and subsequently discontinued paying premiums and in the event of death of the life assured within 12 months from the due date of first unpaid premium, the policy money will be paid in full after deducting the unpaid premiums, with interest upto date of the death.

Source: LICIndia.com