Life Insurance Corporation has launched a two-month campaign to encourage people to continue revival of their lapsed policies. The campaign will start on August 10 and run till October 9.
“To encourage continuation of risk cover in the current circumstances of high risk, LIC brings an excellent opportunity for its policyholders to revive their lapsed policies,” it said in a statement on Sunday.
“In view of the prevailing circumstances, no concessions are being offered in medical requirements and the same are limited to late fee only; under plans other than term assurance and other high risk plans,” it added.
Policies of specific eligible plans can be revived within five years from date of the first unpaid premium subject to certain terms and conditions.
The policyholders will get 20 per cent late fee concession for revival while 25 per cent concession between Rs 1 lakh and Rs 3 lakh, it said.
Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival are eligible to be revived in this campaign, it said.
The campaign will benefit those policyholders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.
It always makes better sense to revive an old policy to restore insurance cover and LIC values its policyholders and their desire to continue their life insurance cover, LIC said.