NEW DELHI: The Life Insurance Corporation of India (LIC), the country’s largest insurance company, has launched a special campaign for its customers to revive their individual lapsed policies, effective from August 17 to October 21, 2022.
Under this campaign, except ULIP (Unit Linked Insurance Plan) policies, all policies can be revived within five years from the date of the first unpaid premium.
In the case of policies with a total receivable premium of up to Rs 1 lakh, the maximum concession being allowed is Rs 2,500, and from Rs 1,00,001 to Rs 3,00,000, there is a total concession of 25 per cent with the maximum concession being Rs 3,000, and from Rs 3,00,001 and above, there is a total concession of 30 per cent, with the maximum concession being Rs 3,500.
There is a 100 per cent waiver of late fees for micro-insurance policies to facilitate the affordable restoration of risk cover, and there are no concessions in medical requirements, LIC said.