To provide continued Risk Cover in these challenging times, LIC brings a valuable opportunity for the second time in the current financial year for revival of lapsed policies. A Special Revival Campaign is being launched from 7th February, 2022 to25thMarch, 2022 for individual lapsed policies.
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. 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 ELIGIBLEPOLICIES
(High risk plans like Term Assurance and Multiple Risk Policies etc. are not eligible for the concession)
|
Total Receivable Premium for conventional and health policies |
Concession in late fee |
Maximum Concession |
|
Up to Rs.1,00,000 |
20% |
Rs.2000/- |
|
From 1,00,001 to Rs.3,00,000
|
25% |
Rs.2,500/- |
|
From 3,00,001 and above |
30% |
Rs.3000/- |
|
Micro insurance plans |
Concession in late fee |
Maximum Concession |
|
100% |
Full |
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. LIC continues to play an active role in ensuring that its Policyholders stay protected. While the current COVID 19 pandemic scenario has emphasized the need for mortality protection, this campaign is a good opportunity for LIC’s Policyholders to revive their policies, restore life cover and ensure financial security for their family.
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