HYDERABAD: To provide continued risk cover in these uncertain times, LIC has come up with an opportunity for revival of lapsed policies.
A special revival campaign is being launched till October 22 for individual lapsed policies.
In view of the prevailing circumstances, concessions are being offered in late fee for other than Term Assurance and High Risk Plans, depending on the total premiums paid.
There are no concessions on medical requirements. Eligible Health and Micro Insurance plans also qualify for the concession in late fee.
According to LIC, under this special revival campaign, policies of specific eligible plans can be revived within five years from date of the first unpaid premium subject to certain terms and conditions.
Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign.
The campaign is launched for the benefit of those policyholders whose policies lapsed as they were not able to pay premiums on time due to unavoidable circumstances.