New Delhi: Life Insurance Corporation of India had announced its Special Revival Campaign for revival of lapsed policies. The insurance behemoth has launched its Special Revival Campaign from 17th August, 2022 to 21st October 2022 for individual lapsed policies.
Under this Special Revival Campaign, Policies of specific eligible plans can be revived within 5 years from date of the First Unpaid Premium subject to certain terms and conditions. The revival plan is applicable to all policies except ULIP Policies.
“This Special Revival Campaign is a unique drive as 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,” LIC said in a official release.
Check the table below for details on late fee, premiums and concessions
There is a100% waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover. There are no concessions in medical requirements, the insurance behemot further added.
The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed, LIC said.
Life Insurance cover is a risk management, for contingent, unexpected loss of life. This campaign gives a rare opportunity for LIC’s valued policy holders to rerstore revive their lapsed policies and continue the benefit of insurance to protect the financial interests of their family, it added.