Insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday announced the launch of a campaign for revival of individual lapsed policies.
This special drive, to be carried out from August 17 to October 21, 2022, is extended to all non-ULIP policies with very attractive concession in late fee.
All policies except ULIP (Unit linked Insurance Plan) can be revived within 5 years from date of the first unpaid premium subject to policy conditions, LIC said in a statement.
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There is a 100 per cent waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover, it said.
The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.
Life insurance cover is a risk management, for contingent, unexpected loss of life, it said, adding, this campaign gives an opportunity for LIC's policy holders to revive their lapsed policies and continue the benefit of insurance to protect the financial interests of their family.
For a total receivable premium of up to ₹1 lakh, the insurer is offering a 25 per cent concession in late fee, with a maximum limit of ₹2,500, while for premium amounting ₹1-3 lakh, the maximum concession allowed is ₹3,000.
Similarly, for a premium amount of above ₹3 lakh, concession offered is 30 per cent, with a cap of ₹3,500.