The
Life Insurance Corporation of India (LIC) has announced a special campaign for
revival of lapsed policies. The special revival campaign has been introduced
from August 23 to October 22, 2021 for individual lapsed policies.
Concessions
up to Rs. 3,000 are being offered on late fee for policies other than Term
Assurance and High Risk plans, depending on the total premiums to be paid.
There are no concessions on medical requirements. Eligible health and micro
insurance plans also qualify for the concession on late fee.
Under
this campaign, policies of specific eligible plans can be revived within five
years from the date of the first unpaid premium, subject to certain terms and
conditions.
Policies
which are in a lapsed state during the premium paying term and not completed
policy term are eligible to be revived in this campaign.
“The campaign is for the benefit of those policyholders whose policies were lapsed as they were not able to pay premiums on time due to unavoidable circumstances. It always makes better sense to revive an old policy to restore insurance cover.”
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