India's biggest institutional investor Life Insurance Corporation of India (LIC), on Friday, announced that it would bring a distinctive Special Revival Campaign starting August 17 to August 21 for its customers to revive their individual lapsed LIC policies.
LIC’s this ‘Special Revival Campaign’ is a unique drive that extends to all non-unit-linked insurance plan (ULIP) Policies with concession in a late fee. This campaign aims to benefit those policyholders who weren’t able to pay premiums due to unavoidable circumstances and their policy lapsed.
The state-owned insurance group, in a statement, said, “Under this Special Revival Campaign except ULIP policies, all policies can be revived within 5 years from date of the First Unpaid Premium subject to policy conditions.”
A maximum concession of 25 per cent to 30 per cent or Rs 2,500 to Rs 3,500 in late fees depending on the premium is available. In the case of micro-insurance policies, a 100 per cent waiver in late fees is available. There is also a 100 per cent waiver of late fees for Micro Insurance Policies to facilitate the affordable restoration of risk cover.
For policies with a total receivable premium of up to Rs 1 lakh, a 25 per cent late fee concession up to Rs 2,500 is allowed. For policies with a receivable premium ranging between Rs 1 lakh to 3 lakh, late fee concession of 25 per cent, up to Rs 3,000 is permitted, while for the receivable premium of over Rs 3 lakh and above, 30 per cent late fee concession up to Rs 3,000 is allowed
However, there are no concessions in medical requirements. Policies, except ULIP Plans 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 the insurance group’s this campaign.
The insurance group’s this campaign gives a rare opportunity for LIC’s valued policyholders to revive their lapsed policies and continue the benefit of insurance to protect the financial interests of their family, LIC further stated.
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