LIC special revival campaign: Life Insurance Corporation has this offer for your lapsed policy. Details inside

The Life Insurance Corporation (LIC) has launched a special campaign for renewing expired policies. LIC's special revival campaign started on September 1. Policyholders have time till 31 October, 2023 to revive their lapsed policy under this special revival campaign.

“Please contact your LIC Branch/Agent and revive your Policy 102342937 under Special Revival Campaign on or before 31.10.2023 if not revived-LIC of India,” the insurance behemoth is reminding the customers via messages.

When do insurance policies lapse?

Policyholders must ensure to pay the premiums within the due date. They are allowed a grace period between 15 and 30 days. It is only when individuals fail to pay premiums even during the grace period that the policy lapses.

According to the post on social media X , “LIC's Special Revival Campaign - An opportunity for policyholders to revive their lapsed policies. To know more, contact your nearest LIC Branch/Agent or visit http://licindia.in.”

As per the LIC post on X, the concession in the late fee charges is divided into three parts.

Concessions offered by LIC on policy revival

• For total receivable LIC premium payment up to a range of ₹1 Lakh, a rebate of 30% is allowed in the late fee charges or a maximum concession of ₹3,000 is eligible.
• For total receivable LIC premium payment within a range of ₹1 Lakh to ₹3 Lakh, a rebate of 30% is allowed for the late fee charges, or a maximum concession of ₹3,500 is allowed.
• If the total receivable LIC premium payment exceeds a range of ₹3 Lakh, then the rebate for the late fee charges is 30%, or the maximum concession allowed is ₹4000.

How to check if a LIC policy has lapsed or not?

1) Go to the LIC portal.

2) Click on 'Registered User'

3)Log in to the LIC portal with the required details

4)After logging in, click on 'Policy Status'

5)Under this, policyholders can check the due premium date, status, and lapsed policy.