LIC started campaign for revival of lapsed policy, know how to revive your policy

To provide continuous risk cover to its policyholders, Life Insurance Corporation of India (LIC) on Monday launched a special two-month campaign for revival of individual lapsed policies. The government-controlled insurer announced this on August 23. The “Special Revival Campaign”, has been launched from 23rd August and will continue till 22nd October, 2021.

As part of the campaign, LIC will offer a concession on late fees to policyholders as an incentive to revive their insurance policies.

How will the revival campaign work?

LIC said in a press release, policies of specific eligible plans can be revived within five years from the date of first unpaid premium, subject to certain terms and conditions.

It states that policies which have expired during the premium paying term and have not completed the policy term are eligible to be revived in this campaign. However, plans with term assurance and high risk are excluded.

LIC said, “In view of the prevailing circumstances, late fee concessions are being given for term assurance and high risk plans other than those based on the total premium paid.” It emphasized, “There is no concession on medical requirements. Eligible health and micro insurance plans are also eligible for late fee concession.”

Late fee waiver:

For total receivable premium up to Rs.1 lakh, a rebate of 20% in late fee will be given. However, the concession amount cannot exceed Rs 2,000.

For total receivable premium from Rs 1-3 lakh, a concession of 25 per cent in late fee above Rs 2,500 will be offered. In case the total receivable premium exceeds Rs.3 lakh, a rebate of 30 per cent in late fee is allowed, but the concession amount cannot exceed Rs.3,000.

LIC said, “The campaign has been launched for the benefit of policyholders whose policies have lapsed as they were not able to pay premiums on time due to certain circumstances. Revive the old policy to restore the insurance cover. It’s always better to do.”

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