To help its policyholders continue with risk cover amid the pandemic, LIC (Life Insurance Corp of India) has said that it will provide them with an opportunity to revive their lapsed policies. A special revival campaign has been launched from 10 August to 9 October 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. 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.
The policyholders will get 20 percent late fee concession for revival while 25 percent concession between Rs 1 lakh and Rs 3 lakh, it said.
The campaign is expected to benefit policy holders who were not able to pay premiums due to unavoidable circumstances, causing their policies to lapse. 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, the insurance behemoth said.