The Life Insurance Corporation is offering concessions on late fees for the revival of lapsed policies. The maximum concession allowed is Rs 3000 on policies for which the receivable premium is Rs 3,00,001 and above. Up to Rs 2,500 concession is allowed on
plans for which the receivable premium is Rs 1,00,001 to Rs 3,00,000.
“To provide continued Risk Cover in these uncertain times, LIC has come up with an excellent opportunity for revival of lapsed policies. A Special Revival Campaign is being launched from 23rd August 2021 to 22nd October 2021 for individual lapsed policies,” LIC said in a press release recently.
Term Assurance, Multiple Risk Policies not eligible
LIC said that in view of the prevailing circumstances, concessions are being offered in late fees other than Term Assurance and High-Risk Plans, depending on the total premiums paid.
Also, there are no concessions on medical requirements. However, eligible Health and Micro Insurance plans also qualify for the concession in the late fee.
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.
“The campaign is launched for the benefit of those policyholders whose policies lapsed as they were not able to revive an old policy to restore insurance cover,” LIC said.
Meanwhile, LIC is celebrating its 65th birth anniversary.
“Starting with an initial capital of Rs 5 crore in 1956, today LIC has Asset base of Rs 38,04,610 crore, with Life Fund to the tune of Rs 34,36,686 crores. As per a survey report released by Brand Finance Insurance 100, LIC is ranked as the 3rd Strongest and 10th most valuable brand in the world,” LIC said in a statement today.
“LIC has bow facilitated revival of policies in the satellite offices and submission of claim form in any branch across the country,” it added.