Life Insurance Corporation of India (LIC) has announced a special revival campaign for individual lapsed policies from February 7 to March 25.
This is the second such campaign for revival of lapsed policies that it has launched this fiscal year.
“In view of the prevailing circumstances, concessions are being offered in late fee for other than term assurance and high risk plans, depending on the total premiums paid,” LIC said in a statement, adding that there are no concessions on medical requirements.
“Eligible health and micro insurance plans also qualify for the concession in late fee,” it further said.
Policies of specific eligible plans can be revived within five years from date of the first unpaid premium.
“While the current Covid-19 pandemic scenario has emphasised the need for mortality protection, this campaign is a good opportunity for LIC’s policyholders to revive their policies, restore life cover and ensure financial security for their family,” the life insurer said.
A maximum concession of 20 per cent to 30 per cent or Rs 2,000 to Rs 3,000 in late fees depending on the premium for conventional and health policies is also available. In the case of micro insurance policies, 100 per cent waiver in late fees is available.