Northlines News Desk
Mumbai, August 23: To provide continued Risk Cover in these uncertain times, LIC has come up with an excellent opportunity for revival of lapsed policies. A Special Revival Campaign is being launched from 23rd August,2021 to 22nd October, 2021, for individual lapsed policies.
In view of the prevailing circumstances, concessions are being offered in late fee for other than Term Assurance and High Risk Plans, depending on the total premiums paid. There are no concessions on medical requirements. Eligible Health and Micro Insurance plans also qualify for the concession in late fee.
Under this Special Revival Campaign, Policies of specific eligible plans can be revived within 5 years from date of the First Unpaid Premium subject to certain terms and conditions.
Concession in late fee for eligible policies
Late fee concession offered by LIC is 20 percent with maximum concession of Rs. 2000 on Receivable premium upto Rs. one lakh; 25 per cent late fee concession with maximum amount of Rs. 2500 from Receivable Premium of Rs. One Lakh to three lack; and 30 per cent concession with maximum upto Rs. 3000 on Receivable Premium of Rs. 3,00,001 and above.
Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign.
The campaign is launched for the benefit of those policyholders whose policies lapsed as they were not able to pay premiums on time due to unavoidable circumstances. It always makes better sense to revive an old policy to restore insurance cover. LIC values its Policyholders and their desire to stay protected. This campaign is a good opportunity for LIC’s Policyholders to revive their policies and restore life cover and ensure financial security for their family.
