To provide continued risk cover to its policyholders, state-run insurer Life Insurance Corporation of India (LIC) on Monday launched a special campaign for the revival of lapsed individual policies.
Under the 'Special Revival Campaign', policies of specific eligible plans can be revived within five years from the date of the first unpaid premium, subject to certain terms and conditions, the insurer said in a release.
The campaign has been launched from August 23, 2021 to October 22, 2021, the release said.
Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign, it said.
"The campaign is launched for the benefit of those policyholders whose policies lapsed as they were not able to pay premiums on time due to unavoidable circumstances,” the release said.
The insurer is offering concessions in late fee for plans other than term assurance and high-risk plans, depending on the total premiums paid.
For receivable premium of up to Rs one lakh, late fee concession allowed is 20 per cent and maximum concession allowed is up to Rs 2,000. For premium from Rs 1,00,001 to Rs 3,00,000, the insurer is allowing a late fee concession of 25 per cent with maximum concession of Rs 2,500.
For premium of above Rs 3,00,000, late fee concession allowed is 30 per cent with maximum concession of Rs 3,000, the release said.
There are no concessions on medical requirements. Eligible health and micro-insurance plans also qualify for the concession in late fee, the release said.