LIC Lapsed Policy Revival campaign: All policies except ULIPs of LIC can be revived under special campaign with waiver of late fee. This campaign has started from 17th August 2022 and will run till 21st October 2022.
LIC Lapsed Policy Revival campaign: Life Insurance Corporation of India, the country’s largest insurance company, has started a campaign giving an opportunity to revive the discontinued individual insurance policies. LIC said that all policies except Unit Linked Insurance Plans (ULIPs) can be revived under special campaigns with waiver of late fees. This campaign has started from 17th August 2022 and will run till 21st October 2022.
100% discount on late fee for micro insurance policies
According to the statement, all policies other than ULIPs can be revived within a period of 5 years from the date of default in the first premium subject to certain conditions. The insurance company said that 100% rebate will be given on late fee for micro insurance policies, so that the risk can be covered.
This campaign has been started for the benefit of policyholders who were not able to pay premium due to any reason and their policy was discontinued.
Take advantage of late fee waiver
According to LIC, 25% concession in late fee will be given for total premium up to Rs 1 lakh. The maximum exemption limit is Rs 2,500. At the same time, for a premium of Rs 1 to 3 lakh, the maximum exemption is Rs 3,000. Similarly, on premium above Rs 3 lakh, there will be a 30% rebate in late fee with a maximum concession of Rs 3,500.
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