LIC’s Special Revival Campaign extends to all non-ULIP policies with very attractive concession in late fee. Except ULIP policies, all policies can be revived within 5 years from date of the First Unpaid Premium subject to policy conditions.
New Delhi: As part of Azadi Ka Amrit Mahotsav, the Life Insurance Corporation of India has introduced a unique opportunity for its policyholders to revive their individual lapsed policies. The Special Revival Campaign, as the company calls it, begins from August 17 and will continue till October 21, 2022
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It extends to all non-ULIP policies with very attractive concession in late fee. Under this Special Revival Campaign except ULIP policies, all policies can be revived within 5 years from date of the First Unpaid Premium subject to policy conditions”, said LIC
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A maximum concession of 25 per cent to 30 per cent or Rs 2,500 to Rs 3,500 in late fees depending on the premium is available. There is also a 100 per cent waiver of late fee for Micro Insurance Policies to “facilitate affordable restoration of risk cover.”
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The company further added that there are no concessions in medical requirements. Policies except for ULIP Plans which are in lapsed condition during the premium paying term and not completed policy term as of the date of revival are eligible to be revived in this campaign.
LIC, the country’s largest insurer, saw its share prices going up after it reported a multifold jump in its June quarter net profit. The state-run insurance behemoth’s net profit stands at Rs 682.89 crore, a year back in the same period, it stood at Rs 2.94 crore.
