LIC offers up to ₹2,500 concession on revival of lapsed policies: 5 points1 min read . Updated: 10 Aug 2020, 02:07 PM IST
- Concessions are limited to late fee only, LIC said
- The two-month campaign will end on 9th October
India's biggest life insurer LIC or Life Insurance Corporation of India has offered a special two-month window for revival of lapsed policies. The special campaign will run from 10th August to 9th October. LIC said the campaign has been launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed. "It always makes better sense to revive an old policy to restore insurance cover," the life insurer said.
Here are 5 things to know about LIC's special offer on revival of lapsed policies
1) LIC said no concessions are being offered in medical requirements in "view of the prevailing circumstances", possibly referring to the coronavirus pandemic.
2) Concessions are limited to late fee only. But high risk plans like term assurance, health insurance and multiple risk policies are not eligible for the late fee concessions.
3) Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival are eligible to be revived in this campaign.
4) 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 & conditions, LIC said
"To encourage continuation of Risk cover in the current circumstances of high risk, LIC brings an excellent opportunity for its policyholders to revive their lapsed policies," the life insurer said in a statement.
5) LIC is offering a maximum concession between Rs. 1500 and ₹2,500 in late fee concession depending on total receivable premium. (Refer to the table above).