If you want to take the policy of Life Insurance Corporation of India (LIC), then you have a great opportunity.
If you want to take the policy of Life Insurance Corporation of India (LIC), then you have a great opportunity. Where you can take the discontinued LIC policy again with a discount. Actually, LIC has started a revival campaign under which you can restart your lapsed LIC policy from 23 August to 22 October 2021. LIC will also give a discount to the customers on this.
Know how the revival campaign will work?
The press release issued by LIC states that policies of specific eligible plans can be revived within five years from the date of first unpaid premium, subject to certain terms and conditions. The policies which 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.
Know what LIC said?
LIC said that in view of the prevailing situation, concessions in late fee are being given for term assurance and high risk plans, among others, based on the total premium paid. However, there is no relaxation on medical requirements.
Late fees will be discounted
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.
For total receivable premium from Rs 1-3 lakh, a concession of 25 per cent in late fee above Rs 2,500 will be offered. 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.
