LIC launches nationwide campaign to revive lapsed insurance policies

LIC has launched a campaign from August 18 to October 17 to revive lapsed individual policies, offering up to 30 per cent concession on late fees with caps based on premium size

State-owned Life Insurance Corporation of India (LIC) on Monday said it has launched a nationwide campaign to revive lapsed individual insurance policies, effective from 18 August to 17 October.

 

LIC is offering concession on late fees of up to 30 per cent, or a maximum of ₹5,000, for all non-linked insurance plans.

 

Under the special campaign, policies can be revived within five years from the date of the first unpaid premium, subject to policy terms and conditions. Policies that lapsed during the premium-paying term but have not completed the policy term are eligible for revival under this campaign, the insurer said. 

 

“The campaign is launched for the benefit of policyholders who were not able to pay premiums on time due to unfavourable circumstances,” LIC said, adding that policies must be kept in force to receive full insurance benefits.

 

According to LIC, under the revival campaign, for premiums up to ₹1,00,000, a 30 per cent concession is available, subject to a maximum of ₹3,000. For premiums between ₹1,00,001 and ₹3,00,000, the concession is 30 per cent with a cap of ₹4,000, while for premiums above ₹3,00,001, the concession is 30 per cent up to ₹5,000. For Micro Insurance Plans, a 100 per cent concession on late fees will be provided.