Good news for policyholders! LIC provided an opportunity to revive the lapsed policies. check details
IPO-bound Life Insurance Corporation of India (LIC) has launched a campaign for the revival of individual lapsed policies. Policies, which are in a lapsed state during the premium paying term and have not completed the policy term, are eligible to be revived in the campaign, which will start from February 7 and will take place on March 25, 2022, in a press release on Saturday. where did it go.
“While the current COVID-19 pandemic scenario has emphasized the need for death protection, this campaign is a good opportunity for LIC policyholders to revive their policies, restore life cover and ensure financial security for their family ,” said the state-run insurer. release.
It said concessions are being given in late fee apart from term assurance and high risk plans based on the total premium paid. There is no concession on medical needs. Eligible health and micro insurance plans are also eligible for late fee waiver, the release said.
For traditional and health policies with total receivable premium up to Rs 1 lakh, the insurer is offering 20 per cent rebate in late fees, subject to a maximum limit of Rs 2,000. Similarly, for the premium amount above Rs 3 lakh, a discount of 30 per cent is given with a limit of Rs 3,000.
The insurer is giving full concession in late fee for micro insurance plans. Under the campaign, policies of specific eligible schemes can be revived within five years from the date of first unpaid premium, subject to certain terms and conditions, the release said.
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