In view of the prevailing circumstances, concessions are being offered in late fee other than term assurance and high-risk policies, depending on the total premiums paid
To provide continued risk cover in these uncertain times, Life Insurance Corporation (LIC) has come up with an opportunity for the revival of lapsed insurance policies. A Special Revival Campaign is being launched from 23 August 2021 to 22 October 2021, for individual lapsed policies.
In view of the prevailing circumstances, concessions are being offered in late fee other than term assurance and high-risk policies, 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 a late fee, as per the LIC press release issued on 23 August.
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.
Under this Special Revival Campaign, Policies of specific eligible plans can be revived within 5 years from the date of the first unpaid premium subject to certain terms and conditions.
Concession in late fee for eligible policies
(High-risk insurance plans like term assurance and multiple risk policies etc. are not eligible for the concession)
Policies that are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign, said the press release.
Besides, last month Life Insurance Corporation of India has also introduced LIC’s Arogya Rakshak policy, which is a non-linked, non-participating, regular premium, individual, health insurance policies.
The policy provides fixed benefit health insurance cover against certain specified health risks and provides timely support in case of medical emergencies and helps the insured and his family to remain financially independent in difficult times.
An individual can insure himself, his spouse, all children and parents under one policy. The policy is available for principal Insured/spouse/parents aged 18 years to 65 years and children of age 91 days to 20 years. The Cover Period available for PI/spouse/parents up to age 80 years and for children up to 25 years.
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