LIC brings a unique drive to revive lapsed LIC policies

There is a 100% waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover.

LIC brings a unique drive to revive lapsed LIC policies
LIC brings a unique drive to revive lapsed LIC policies

New Delhi: LIC brings a distinctive Special Revival Campaign from 17.08.2022 to 21.10.2022 for its customers to revive their individual lapsed LIC policies.

This Special Revival Campaign is a unique drive as it extends to all non-ULIP Policies with very attractive concession in late fee. 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.

There is a 100% waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover. For a total receivable premium of up to Rs 1 lakh, the insurer is offering a 25 per cent concession in late fee, with a maximum limit of Rs 2,500, while for premium amounting Rs 1-3 lakh, the maximum concession allowed is Rs 3,000.

Similarly, for a premium amount of above Rs 3 lakh, concession offered is 30 per cent, with a cap of Rs 3,500. There are no concessions in medical requirements.

The 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 this campaign.

The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.

Life Insurance cover is a risk management, for contingent, unexpected loss of life. This campaign gives a rare opportunity for LIC's valued policy holders to revive their lapsed policies and continue the benefit of insurance to protect the financial interests of their family.