Life Insurance Corporation of India (LIC) has started a special revival campaign for the discontinued policy. This campaign has started from January 7 and will run till March 6, 2021.
Life Insurance Corporation of India (LIC) is giving its policyholders a big chance to start the discontinued policy cheaply again. The insurance company has started a special revival campaign for the lapse policy. This campaign has started from January 7 and will run till March 6, 2021. Under this, the policyholders will be able to resume the closed policy of LIC. Although the company has set some terms and conditions for getting the policy revived.
This campaign has been launched to give benefit to those policy holders, who could not pay the premium of their policy due to non-avoidable circumstances and their policy got lapsed. Under special revival campaign of LIC, the policy of some special schemes can be revived, although the date of default in premium should not be more than 5 years old. For revival, policyholders will get late fee waiver.
— LIC India Forever (@LICIndiaForever) February 3, 2021
How much discount
The policy holder will get 20 percent or maximum of 2,000 rupees in late fees on the annual premium up to Rs 1 lakh in case of reviving a lapse policy. Not only this, if the annual premium of a policyholder is between 1 lakh to 3 lakh rupees, then he will get a rebate of 25 percent or more of 2.500 rupees. At the same time, a rebate of 30 percent or Rs 3,000 will be available on the premium of Rs 3,00,001 and above.
Discount not applicable on high risk plans
According to LIC, in case of high risk plans like term insurance, health insurance, multiple risk policies etc., late fees will not be exempt. Policies which have lapsed in the premium paying term and whose policy term has not been completed till the revival date, can be revived in this campaign.
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