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Want to Revive Your Lapsed Insurance Policy? Check Process, Eligibility

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Want to Revive Your Lapsed Insurance Policy? Check Process, Eligibility

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LIC Policy: India’s largest insurance company, Life Insurance Corporation or LIC, has launched a special campaign for policyholders to revive their individual lapsed policies. Starting from August 17, Wednesday, the LIC will provide the opportunity to customers to revive their lapsed policies, except ULIP policies. The LIC policy revival campaign will continue till October 21, 2022, said the company in a press release earlier. The campaign has been launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed, it said.

“LIC GIVES A UNIQUE OPPORTUNITY FOR POLICYHOLDERS TO REVIVE THEIR LAPSED POLICIES,” the insurance behemoth said in a tweet on Tuesday.

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 five years from date of the first unpaid premium subject to policy conditions, LIC said in the press release.

Late Fee Concession for LIC Policyholders

– For policies with a total receivable premium of up to Rs 1 lakh, there is a total concession of 25 per cent, with the maximum concession being Rs 2500

– For policies with a total receivable premium of Rs 1,00,001 to to Rs 3 lakh, there is a total concession of 25 per cent, with the maximum concession being Rs 3000

– For policies with a total receivable premium of Rs 3,00,001 and above, there is a total concession of 30 per cent, with the maximum concession being Rs 3500

There is a 100 per cent waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover. However, there are no concessions in medical requirements under the special programme, the LIC said.

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,” LIC said in the press release.

This is the second time this year that the insurance behemoth launched such a campaign. Earlier, LIC said that it will run a special policy revival campaign from February 7 to March 25 for individual lapsed policies.

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