LIC gives an opportunity to revive the lapsed policy of Life Insurance Corporation of India (LIC). There are many schemes of LIC for this. Apart from these, he also runs special plans to revive the lapsed LIC policy.
New Delhi. Many times it happens that an insured is not able to pay the premium of his Life Insurance Corporation (LIC) policy for a long time. This terminates the policy. LIC gives its customers the opportunity to activate such a lapsed policy. LIC also offers a special scheme to revive the discontinued policy, in which some charges including late fees are also waived.
More recently, Life Insurance Corporation of India (LIC) has come up with such a special scheme (LIC Special Revival Scheme 2022) to get the insurance policy closed due to any reason revived. In this, the discontinued policy can be revived till March 25. Late fees of the policy are also being waived. Apart from this, LIC also runs Installment Revival Scheme and Revival Scheme including loans to revive the discontinued insurance policy.
How to renew lapsed LIC policy
At present, customers have a golden opportunity to revive the discontinued insurance policy. The benefit of the Special Revival Campaign Scheme can be availed till March 25, 2022. The policies which have lapsed during the premium paying term and whose policy term is not yet completed can be revived once. Under the special revival campaign, policies with an eligible plan can be revived for a period of five years from the first date of non-payment of premium.
You will get discount of up to 20 to 30%
Except LIC Term Insurance and High Risk Plan, all other policies are waiving late fee on the basis of premium paid so far. Eligible health and micro insurance plans can also take advantage of late fee waiver. LIC has said that policies with an annual premium of Rs 1 lakh will get a discount of 20% or a maximum of Rs 2 thousand. While policies with annual premium of Rs 1 lakh to Rs 3 lakh will get a discount of 25% or a maximum of Rs 2,500. A discount of 30% or a maximum of Rs 3 thousand will be given on policies with a premium of Rs 3 lakh 1 and above.
Policy term must be completed
Under this special campaign, those policies will be included which fulfill the policy term and fulfill the payment terms of premium. The company has said that this campaign has been launched for those customers who have not been able to pay the premium on time due to some reason. In the existing policies, you will get whatever cover is there for the old policies.
It is beneficial to start the policy again
If a person has paid the installments of an insurance policy for many years and due to some reason he is now closed, then it is beneficial to get that policy operational. If we do not make that policy operational, then the premium paid will go in vain, because we will not get any benefit of the policy.
