Good News For Policyholders: LIC Allows Customers To Revive Lapsed Policies, Offers Concession In Late Fee
Notably, the LIC is offering a full concession in late fee for micro-insurance plans.
LIC IPO Latest Update: Here comes a big update for LIC policyholders. The IPO-bound Life Insurance Corporation of India (LIC) on Saturday launched a campaign for the revival of individual lapsed policies. Giving details, the LIC said the 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 be active from February 7 till March 25, 2022.
“While the current Covid-19 pandemic scenario has emphasised 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,” the state-run insurer said.
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LIC also added that the concessions are being offered in late fee for other than term assurance and high-risk plans, depending on the total premiums paid.
However, there are no concessions on medical requirements and the eligible health and micro insurance plans also qualify for the concession in late fee.
LIC further added that for the conventional and health policies with a total receivable premium of up to Rs one lakh, the insurer is offering a 20 per cent concession in late fee, with a maximum limit of Rs 2,000. Similarly, for a premium amount of above Rs 3 lakh, concession offered is 30 per cent, with a cap of Rs 3,000, it said.
Notably, the insurer is offering a full concession in late fee for micro-insurance plans.
Apart of the 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, the LIC said.
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