Business

LIC gives opportunity to revive lapsed policies

MUMBAI, JAN 21 | Publish Date: 1/21/2021 12:45:57 PM IST

Life Insurance Corporation of India (LIC)  has decided to launch a ‘Special Revival Campaign’ from January 2 to March 6, 2021 for help customers to revive their individual lapsed LIC policies. It has also authorized its 1526 satellite offices to revive policies where special medical tests are not required.  This decision has been made in to encourage continuation of risk cover amid the COVID pandemic and high risk.

A press release by the senior divisional manager, central office in Mumbai, informed customers that under the under the Special Revival Campaign, policies of specific eligible plans can be revived within 5 years from date of the first unpaid premium subject to terms & conditions. 

Certain concession in health requirements is also being offered subject to eligibility. Most policies can be revived only on the basis of a declaration of good health and a covid questionnaire to be submitted by the proposer/ life assured, the release added.

Concession in late fee for eligible policies

Total receivable 

premium % late fee concession Maximum concession allowed

Up to Rs 1,00,000 20% Rs 2000

From 1,00,001 

to 3,00,000 25% Rs 2500

From 3,00,001 

and above 30% Rs 3000

 

(High risk plans like term assurance, health insurance, multiple risk policies, etc. are not eligible for the concession)

The release stated that the  campaign is launched to benefit policy holders who were unable to pay premium due to unavoidable circumstances and their policy lapsed.

LIC stated that it always makes better sense to revive an old policy to restore insurance cover, adding that it values its policyholders and their desire to continue their life insurance cover. It reminded that the campaign is a good opportunity for LIC’s policyholders to revive their policies and restore life cover to ensure financial security for their family. 


-Tags:#LIC

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