If one of your policies has been discontinued due to non-payment of premium, you can revive it. LIC is giving a chance to revive such policies with a discount.
The country’s largest insurance company Life Insurance Corporation of India (LIC) has brought great news for its policy holders. LIC is giving the best opportunity to restart the lapse policy. If your policy has lapsed and you can start it again. For this, LIC has specially started the revival campaign. This means that if any of your policies have been discontinued due to non-payment of installments, then you can start it again. LIC is giving an opportunity to do this with concession in late fee.
According to LIC, this campaign will run from 23 August 2021 to 22 October 2021. According to officials, for the first time, LIC has expanded the campaign to microinsurance and health insurance policies in addition to traditional products. This does not include term insurance and high risk plans.
When does it start and when will it stop
The revival campaign has started from 23rd August and will continue till 22nd October. The objective of this campaign is to give an opportunity to those people who were not able to pay the premium due to pandemic or any other reason.
These policies are not part of this campaign
LIC said in a statement that policies with specific eligible plans can be revived within five years from the date of first unpaid premium, subject to certain terms and conditions. It has also been said that policies which have expired during the premium paying term and the policy term has not been completed, they will not be able to get revived under this campaign. Such policies have not been included in this campaign.
How much discount are you getting
According to LIC, if the total premium is up to Rs 1 lakh, then there will be a discount of up to 20 percent in the late fee. The maximum discount will be up to Rs.2,000. At the same time, the exemption of late fee will increase to 25 percent on premiums ranging from Rs 1 lakh to Rs 3 lakh. The maximum amount of exemption will be Rs 2500.
Exemption for premium above Rs 3 lakh
At the same time, for policies in which premium is paid more than Rs 3 lakh, there will be a discount of 30 percent in the late fee. There will be a maximum discount of Rs 3000 in this.
On Wednesday, LIC Chairman MR Kumar also launched his ANAND (Atmanirbhar Agents New Business Digital Application) mobile app.
