new Delhi. Life Insurance Corporation of India, the insurance company of the Government of India, has given its old account holders (whose policy has been discontinued due to any reason) the opportunity to start the policy once again. The discontinued policy can be started without any extra charge or penalty. Another special news is that LIC’s IPO is also coming soon.
Last date to resume LIC closed policy
LIC has announced a special campaign from January 7 to March 6, 2021 to revive the ‘discontinued policies’. Under this, consumers will be allowed to resume prematurely discontinued policies with certain conditions. LIC has authorized its 1,526 satellite offices to resume policies that do not require special medical tests.
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How old can LIC policy be revived?
The LIC said in the statement that ‘Special eligible schemes will be allowed to be revived within five years from the date of non-payment of premium with certain terms and conditions under the Special Revival Campaign’. As per eligibility, some concession will also be given on health related needs.
Will there be any charge if LIC starts a discontinued policy
The statement said that most of the policies will be resumed only on the basis of declaration of good health and questions on Kovid-19. LIC ran a similar campaign for its customers from 10 August to 9 October 2020. The statement said that policyholders would get a discount of 20 per cent or Rs 2,000 on the late fee. At the same time, 25 percent discount will be given if the annual premium is Rs 1 lakh to Rs 3 lakh.
LIC IPO may come soon
It is expected that the year 2021 will prove to be much better in terms of IPO. This year at least 15 companies are set to launch their IPO. The IPO of the country’s largest insurance company LIC may also come this year, which may be the largest IPO till date.
