LIC India: Opportunity for policyholders to revive lapsed policies. Details here – Mint

For second time in FY22, Life Insurance Corporation of India (LIC of India) has given an opportunity to its policyholders to revie their lapsed policies. The insurer has launched Special Revival Campaign from 7th February 2022 that will remain available till 25th March 2022. Under this campaign, life insurance policyholders will be able to revive their individual lapsed policies with concession in late fee.

Concession in late fee

While announcing the revival of lapsed individual policies, the LIC of India announced concession in late fee as well. LIC said that in view of the prevailing circumstances, concession are being offered in late fee for other than Term Assurance and High Risk Plans, depending upon the total premiums paid. There are no concession on medical requirements.

Elaborating upon the concession in late fee, LIC of India said that on total receivable premium up to ₹1 lakh (for conventional and health policies), 20 per cent concession in late fee with ₹2,000 cap on maximum concession amount will be given on policy revival. From ₹1,00,001 to ₹3 lakh receivable premium, concession in late fee is 25 per cent whereas the maximum amount in late fee concession has been capped at ₹2500. Concession in late fee given on receivable premium above ₹3 lakh is 30 per cent while the maximum concession in this category has been capped at ₹3000.

For revival of micro insurance plans, LIC has announced 100 per cent concession in late fee.

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Source: LIC of India

While announcing its second Special Revival Campaign in current fiscal, LIC of India said, “To provide continued Risk Cover in these challenging times, LIC brings a valuable opportunity for the second time in the current financial year for revival of lapsed policies. A Special Revival Campaign is being launched from 7th February to 25th March 2022 for individual lapsed policies.”

See LIC tweet below:

On reason for launching Special Revival Campaign, LIC said, “The campaign is launched for the benefit of those policyholders whose policies lapsed as they were not able to pay premium on time due to unavoidable circumstances…. While the current Covid 19 pandemic scenario emphasized the need for mortality protection, this campaign is a good opportunity for LIC Policyholders to revive their policies, restore life cover and ensure financial security for their family.”

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