LIC Policy: Big opportunity - check rebate in late fee charges, terms and conditions, deadline to revive lapsed life insurance policy

LIC Policy: The Life Insurance Corporation (LIC) of India is giving its life insurance policy holders a chance to revive its lapsed policies. The LIC of India is offering this opportunity under LIC Lapsed Policy Revival Scheme 2021. In this LIC lapsed policy revival scheme, LIC India is offering up to 30 per cent rebate in late fee charges as well. However, the LIC lapsed policy revival scheme is fast approaching its deadline of 6th March 2021. So, the LIC lapsed policy holders are advised to avail this opportunity given by the LIC India by the given deadline. LIC has authorised its 1,526 satellite offices to revive policies, where special medical tests are not required.

LIC Lapsed Policy Revival Scheme 2021: Rebate in Late Fee Charges

As per the LIC India, LIC lapsed policy holders will be given 20 per cent rebate in late fee charges levied by the LIC. However, if the annual LIC premium payment is from Rs 1 lakh to Rs 3 lakh, then the LIC lapsed policy holder will be given 25 per cent rebate in late fee charges. While in case of annual LIC premium from Rs 3,00,001 and above, the LIC of India is giving 30 per cent rebate in late fee for LIC lapsed policy revival.

LIC Lapsed Policy Revival: Terms and Condition

However, to avail of this LIC Lapsed Policy Revival Scheme 2021, the LIC lapsed policy can be revived only when the policy hasn't crossed five years from the first unpaid premium date.

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“Policies of specific eligible plans can be revived within five years from date of the first unpaid premium, subject to terms and conditions. Certain concessions in health requirements are also being offered subject to eligibility,” LIC of India said while launching the LIC Lapsed Policy Revival Scheme 2021 in January 2021.

Most policies can be revived only on the basis of a declaration of good health and a Covid questionnaire to be submitted by the proposer or life assured. Apart from this, high risk plans like term insurance, health insurance, multiple risk policies won't be revived under this LIC Lapsed Policy Revival Scheme.

LIC had previously also launched a similar campaign to revive lapsed policies between August 10 and October 9, 2020. It currently services almost 30 crore policies across the country.