LICs qualified policies can be reinstated under this special revival campaign, subject to specified criteria and limitations, within 5 years after the date of the first unpaid premium

LIC lapsed policy: Get up to Rs 4,000 concession on reviving lapsed LIC policy till this date

The Life Insurance Corporation (LIC) has launched a special campaign for the reactivation of expired policies in order to continue providing risk cover in these unsettling times. For individual lapsed insurance, a special revival campaign is starting on September 1 to October 31, 2023.

LIC is offering an opportunity to revive your lapsed LIC policy with attractive concession on late fee.

LIC’s qualified policies can be reinstated under this special revival campaign, subject to specified criteria and limitations, within 5 years after the date of the first unpaid premium.
Also read: LIC insurance policy revival campaign: How to revive lapsed LIC policy


According to the post on the social media X ( previously known as Twitter), “LIC's Special Revival Campaign - An opportunity for policyholders to revive their lapsed policies. To know more, contact your nearest LIC Branch/Agent or visit http://licindia.in”

Total Receivable PremiumPercentage allowed in late fee concessionMaximum Concession AllowedUpto Rs.1,00,00030%Rs 3000From 1,00,001 to Rs.3,00,00030%Rs 3500From 3,00,001 and above30%Rs 4000Source: LIC post on X social media

Also read: This LIC single premium life insurance plan will end on September 30: Check details

Concessions for claims during the lapsed period
The policy money will be paid in full after deducting the unpaid premiums, plus interest accrued up until the date of the death, if the policyholder has paid premiums for at least three full years and then stopped doing so. This payment guarantee applies in the event that the life assured passes away within six months of the due date of the first unpaid premium, according to the LIC website.

The policy money will be paid in full after deducting the unpaid premiums, plus interest up to the date of the death, if the policyholder has paid premiums for at least 5 full years and then stopped doing so. This payment guarantee applies in the event that the life assured dies within 12 months of the due date of the first unpaid premium.

Revivals
Insurance policy expires if premiums are not paid within the allowed number of days. A lapsed policy may be reinstated in accordance with the terms of the plan upon submission of evidence of continuous insurability to the Corporation and payment of all premium arrears along with interest at the rate set by the Corporation from time to time. terms, accept with modified terms or decline revival of a discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved by the Corporation.

The cost of Medical Reports, including Special Reports, if any, required for the purpose of Revival of the policy shall be borne by the Life Assured.

How to get LIC policy services on WhatsApp

Follow this step-by-step guide to using LIC WhatsApp services
a) Type 'Hi' and send it to 8976862090 via WhatsApp application.
b) Then, you will get 11 options to choose from. To select a service, reply in the chat with the option number. For example, send 1 if you want to know when your next LIC policy.
Connect with Experts - Wealth creation made easy( Originally published on Sep 26, 2023 )
This story originally appeared on: India Times - Author:Faqs of Insurances