There is an excellent opportunity for the policy holders of the Life Insurance Corporation of India (LIC) to revive their lapsed policy. The state-run insurer has launched a ‘Special Revival Campaign’ from 23rd August for individual lapsed policies, which will remain open till 22nd October 2021. The company has informed this via a media release.  

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The window is being given to the policy holders in view of the existing pandemic situation and to “provide continued Risk Cover in these uncertain times,” the press statement said.  

See Zee Business Live TV Streaming Below:

“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,” the statement reads. 

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 (TABLE)

 

Terms and Conditions 

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. 
What is not covered - High risk plans like Term Assurance and Multiple Risk Policies etc are not eligible for the concession.  

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,” LIC said in its media statement.