New Delhi Life Insurance Corporation of India (LIC) will give its policyholders an opportunity to resume the discontinued policy to encourage them to continue the risk cover in the current difficult times. LIC gave this information on Sunday. The insurance company has decided to start a special revival campaign from 10 August to 9 October, under which LIC’s discontinued personal policy can be resumed.
LIC said in a statement, “In view of the prevailing circumstances, no concession is being given to medical requirements and it is limited to late fees only.” LIC said that under special revival campaign, the policy of certain schemes can be revived, although the date of default in premium should not be more than five years old. LIC said in the statement that for revival, policyholders will get 20 percent discount on late fee, while 25 percent concession will be between Rs 1 lakh and Rs 3 lakh.
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This campaign will benefit the policy holders who were not able to pay the premium due to any circumstances and their policy lapsed. LIC stated that it is always better to revive an old policy to reinstate the insurance policy and to improve their willingness to continue their life insurance cover to their policy holders.
PM Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana, the Pradhan Mantri Vaya Vandana Yojana operated by LIC, is a very beneficial social security scheme for senior citizens. It is a non-linked, non-participating pension scheme. The Government of India has given subsidy in this scheme. Recently LIC has launched a modified version of the scheme. The plan is available for sale until 31 March 2023.
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