Amid COVID-19 pandemic, it’s quite difficult for many people to submit their LIC policy premiums on time. In a bid to give some relief to policyholders, LIC has launched a special revival campaign for its customers that will help them in reviving their lapsed policies.
The special revival campaign has begun from August 10 and will remain continue till October 9. Under this campaign, a policyholder will get a maximum concession up to Rs 2,500 in a late fee, depending on the total receivable premium.
LIC released a notice on August 9, “In view of the prevailing circumstances, no concessions are being offered in medical requirements and the same are limited to late fee only; under plans other than term assurance and other high-risk plans.”
The Life Insurance Corporation will give the 20 percent late fee concession to its policyholders for a revival of a plan with the total receivable premium of up to Rs 1 lakh.
While the receivable premium between Rs 1 lakh and Rs 3 lakh, there will 25 percent concession will be given to the policyholder. For premium above Rs 3 lakh, policyholders will get a 30 percent discount on a late fee.
Other important details about LIC’s special revival campaign:
- No concessions are being offered in medical requirements in “view of the prevailing circumstances.” Policies of term assurance, health insurance, and multiple risk policies will also not get the concession under this campaign.
- Policies that are in the lapsed condition during its premium paying term and not completed the policy term are eligible to be revived under this special campaign.
- Policyholders who were unable to pay policy premium due to unavoidable circumstances will get the benefit of the scheme.
- LIC will give the maximum concession in the range of Rs 1,500 to Rs 2,500 in a late fee, depending on their total receivable premium.