LIC to launch revival campaign for lapsed policies1 min read . Updated: 10 Aug 2020, 08:14 AM IST
- Under this Special Revival Campaign, policies of specific eligible plans can be revived within five years
- The policyholders will get 20 per cent late fee concession for revival while 25 per cent concession between ₹1 lakh and ₹3 lakh
To encourage continuation of risk cover in this difficult period, insurance behemoth LIC on Sunday said it will provide an opportunity for its policyholders to revive their lapsed policies.
It has decided to launch a special revival campaign from August 10 till October 9 for its customers to revive their individual lapsed LIC policies. "In view of the prevailing circumstances, no concessions are being offered in medical requirements and the same are limited to late fee only; under plans other than term assurance and other high risk plans," LIC said in a statement.
Under this Special Revival Campaign, it said, policies of specific eligible plans can be revived within five years from date of the first unpaid premium subject to certain terms and conditions. The policyholders will get 20 per cent late fee concession for revival while 25 per cent concession between ₹1 lakh and ₹3 lakh, it said.
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, it said. The campaign will 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 and LIC values its policyholders and their desire to continue their life insurance cover, LIC said.