Life Insurance Corporation of India (LIC) has launched a campaign for revival of individual lapsed policies. The campaign has begun from February 7 and will continue till March 25, 2022, an LIC press release has said. "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 in the release.
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.
Concession in late fee for eligible LIC policies:
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, the release said.
Under 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 release said.
