LIC allows policyholders to revive lapsed policies; here’s how it works

23-Aug-2021

The Life Insurance Corporation of India (LIC) has launched a special two-month campaign to revive individual lapsed policies, the state-run insurer announced on August 23.

The program - ’Special Revival Campaign’ - has been launched from August 23 and will continue till October 22, 2021, it said. As part of the campaign, LIC would be offering a concession on late fees as an incentive for policyholders to revive their insurance policies.

Here’s how the revival campaign works:

The 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, LIC said in a press release.

Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign, it added. However, term assurance and high-risk plans have been excluded.

"In view of the prevailing circumstances, concessions are being offered in late fee for other than Term Assurance and High-Risk Plans, depending on the total premiums paid," LIC said.

"There are no concessions on medical requirements. Eligible Health and Micro Insurance plan also qualify for the concession in a late fee," it noted.

Source : Money Control