Thursday, September 23, 2021
HomeBanking and financeLIC launches campaign for policyholders to revive lapsed policies

LIC launches campaign for policyholders to revive lapsed policies


To supply continued threat cowl to its policyholders, state-run insurer Life Insurance Corporation of India (LIC) on Monday launched a particular marketing campaign for the revival of lapsed particular person policies.

Below the ‘Special Revival Campaign‘, insurance policies of particular eligible plans might be revived inside 5 years from the date of the primary unpaid premium, topic to sure phrases and situations, the insurer stated in a launch.

The marketing campaign has been launched from August 23, 2021 to October 22, 2021, the discharge stated.

Insurance policies that are in a lapsed situation in the course of the premium paying time period and never accomplished coverage time period are eligible to be revived on this marketing campaign, it stated.

“The marketing campaign is launched for the advantage of these policyholders whose insurance policies lapsed as they weren’t in a position to pay premiums on time attributable to unavoidable circumstances,” the discharge stated.

The insurer is providing concessions in late price for plans apart from time period assurance and excessive threat plans, relying on the entire premiums paid.

For receivable premium of as much as Rs one lakh, late price concession allowed is 20 per cent and most concession allowed is as much as Rs 2,000. For premium from Rs 1,00,001 to Rs 3,00,000, the insurer is permitting a late price concession of 25 per cent with most concession of Rs 2,500.

For premium of above Rs 3,00,000, late price concession allowed is 30 per cent with most concession of Rs 3,000, the discharge stated.

There aren’t any concessions on medical necessities. Eligible well being and micro-insurance plans additionally qualify for the concession in late price, the discharge stated.

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