Good News for policyholders! LIC offers the opportunity to revised the lapsed policy; see details concession rates and more

LIC Lapsed Policy Revival Scheme: There is good news for the Life Insurance Corporation of India (LIC) policyholders. The LIC is offering the opportunity to revive the lapsed policy of the policyholders. 

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LIC has brought this opportunity for the second time in the current fiscal year to provide risk cover due to the challenging times of the COVID-19 pandemic. The special revival campaign will be launched from February 7, 2022 and will continue till March 25, 2022 for the individual lapsed policies, as per the release from LIC. 

"Press Release - LIC OFFERS A VALUABLE OPPORTUNITY FOR POLICYHOLDERS TO REVIVE THEIR LAPSED POLICIES," LIC tweeted from its official Twitter handle. 

"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 concessions in late fee," as per the press release. 

The 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.

Now, the concessions in late fees for the eligible policies are as follows (total receivable premium for conventional and health policies): 

1) Up to Rs 1,00,000 - Concession of 20 per cent up to Rs 2000

2) From Rs 100,001 to Rs 3,00,000 - Concession of 25 per cent up to Rs 2500

3) From Rs 3,00,001 and above - Concession of 30 per cent up to Rs 3000

Now, in case of micro insurance plans, the concession in late fee is 100 per cent. 

In case of further details and queries, the interested individuals can login to the official website of LIC at licindia.in.