Latest News | LIC to Launch Revival Campaign for Lapsed Policies
Get latest articles and stories on Latest News at LatestLY. To encourage continuation of risk cover in this difficult period, insurance behemoth LIC on Sunday said it will provide an opportunity for its policyholders to revive their lapsed policies.
New Delhi, Aug 9 (PTI) To encourage continuation of risk cover in this difficult period, insurance behemoth LIC on Sunday said it will provide an opportunity for its policyholders to revive their lapsed policies.
It has decided to launch a special revival campaign from August 10 till October 9 for its customers to revive their individual lapsed LIC policies.
"In view of the prevailing circumstances, no concessions are being offered in medical requirements and the same are limited to late fee only; under plans other than term assurance and other high risk plans," LIC said in a statement.
Under this Special Revival Campaign, it said, policies of specific eligible plans can be revived within five years from date of the first unpaid premium subject to certain terms and conditions.
The policyholders will get 20 per cent late fee concession for revival while 25 per cent concession between Rs 1 lakh and Rs 3 lakh, it said.
Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival are eligible to be revived in this campaign, it said.
The campaign will benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.
It always makes better sense to revive an old policy to restore insurance cover and LIC values its policyholders and their desire to continue their life insurance cover, LIC said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)