Explained: How to revive lapsed LIC policy - Campaign launched! Know dates, concession in late fee and more

Life Insurance Corporation (LIC) of India is offering an opportunity for its policyholders to revive their lapsed policies. The insurance behemoth has issued a detailed press release in this regard. Here are top things LIC policyholders must know in order to revive the lapse LIC policy:-

Special Revival Campaign by LIC

- To provide continued Risk Cover in these challenging times, LIC brings a valuable opportunity for the second time in the current financial year for revival of lapsed policies, insurance behemoth said.

Special Revival Campaign by LIC: Dates 

- A Special Revival Campaign is being launched from 7th February, 2022 to 25th March, 2022 for individual lapsed policies.

Special Revival Campaign by LIC: Concession in late fee

-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

Special Revival Campaign by LIC: Eligibility

- 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.

Special Revival Campaign by LIC:

- 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. 

- LIC says it continues to play an active role in ensuring that its Policyholders stay protected. 

- While the current COVID 19 pandemic scenario has emphasized the need for mortality protection, this campaign is a good opportunity for LIC’s Policyholders to revive their policies, restore life cover and ensure financial security for their family.

Special Revival Campaign by LIC: More information

- For more details please visit www.licindia.in or contact any LIC branch.