Sunday 14th April 2024

LIC OFFERS POLICYHOLDERS TO REVIVE THEIR LAPSED POLICIES

Aug 24th, 2021 7:38 pm | By | Category: LATEST NEWS

Ramasubramanian Kumar, Chairman, LIC of India


(THE NEWSMAN OF INDIA.COM)
To provide continued Risk Cover in these uncertain times, LIC has come up with an excellent opportunity for revival of lapsed policies. A Special Revival Campaign is being launched from 23rd August,2021 to 22nd October, 2021, for individual lapsed policies.

In view of the prevailing circumstances, concessions are beingoffered in late feefor other than Term Assurance and High Risk Plans, depending on the total premiums paid. There are no concessions on medical requirements. Eligible Health and Micro Insurance plans also qualify for the concession in late fee.

Under this Special Revival Campaign, Policies of specific eligible plans can be revived within 5 years from date of the First Unpaid Premium subject to certain terms and conditions.

CONCESSION IN LATEFEE FOR ELIGIBLE POLICIES

(Highrisk plans like Term Assurance and Multiple Risk Policies etc are not eligible for the concession) Total Receivable Premium

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.

The campaign is launched for the benefit of those policyholders whose policies 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. LIC values its Policyholders and their desire to stay protected. This campaign is a good opportunity for LIC’s Policyholders to revive their policies and restore life cover and ensure financial security for their family.

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