The country’s largest insurance company LIC (Life Insurance Corporation of India) has given its policyholders a chance to renew their lapsed policy for the second time in this financial year. For this, the company has started a special campaign named ‘Special Revival Campaign’, which will continue till March 25, 2022. In such a situation, people now have one more week to revive their lapsed policy.
Under this special campaign of LIC, policyholders can revive their lapsed individual policy by paying a late fee. LIC said that it will give a discount on late fees to policyholders under this special campaign.
LIC said, “The campaign has been launched for the benefit of policyholders whose policies have lapsed as they were not able to pay premiums on time due to certain circumstances. Revive the old policy to restore the insurance cover. It’s always better to do.”
Also read- Russia banned Facebook and Instagram, this app got lottery, know why
What is the discount on late fee?
For total receivable premium up to Rs 1 lakh, a rebate of 20 per cent in late fee will be given. However, the concession amount cannot exceed Rs 2,000.
Whereas, for the total receivable premium from Rs 1-3 lakh, a concession of 25 per cent will be offered on late fee above Rs 2,500. In case the total receivable premium exceeds Rs.3 lakh, a rebate of 30 per cent in late fee is allowed, but the concession amount cannot exceed Rs.3,000.
Total Receivable Premium | Percentage in Late Fee Concession | maximum concession |
---|---|---|
1,00,000 up to Rs. | 20% | 2,000 rupees |
1,00,001 to 3,00,000 | 25% | 2,500 rupees |
3,00,001 and above | 30% | 3,000 rupees |
Term loans and high risk plans are out of this plan
LIC said in a press release, policies of specific eligible plans can be revived within five years from the date of first unpaid premium, subject to certain terms and conditions.
It states that policies that have expired during the premium paying term and have not completed the policy term are eligible to be revived in this campaign. However, plans with term assurance and high risk are excluded.
,