The Life Insurance Corporation of India (LIC) has launched a special two-month campaign to revive individual lapsed policies, the state-run insurer announced on August 23.
The program - ’Special Revival Campaign’ - has been launched from August 23 and will continue till October 22, 2021, it said. As part of the campaign, LIC would be offering a concession on late fees as an incentive for policyholders to revive their insurance policies.
Here’s how the revival campaign works:
The policies of specific eligible plans can be revived within five years from the date of the first unpaid premium subject to certain terms and conditions, LIC said in a press release.
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, it added. However, term assurance and high-risk plans have been excluded.
"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," LIC said.
"There are no concessions on medical requirements. Eligible Health and Micro Insurance plan also qualify for the concession in a late fee," it noted.
Concession to be offered on late fees:
For a total receivable premium of up to Rs 1 lakh, a 20 percent concession in late fees would be offered. However, the concession amount cannot exceed Rs 2,000.
For the total receivable premium from Rs 1-3 lakh, a 25 percent concession in late fees not exceeding Rs 2,500 would be offered.
In the case of the total receivable premium being above Rs 3 lakh, a 30 percent concession in late fees is permitted, but the concession amount cannot exceed Rs 3,000.
TOTAL RECEIVABLE PREMIUM
PERCENTAGE ALLOWED IN LATE FEE CONCESSION
MAXIMUM CONCESSION ALLOWED
Up to Rs.1,00,000
From 1,00,001 to Rs.3,00,000
From 3,00,001 and above
"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. It always makes better sense to revive an old policy to restore insurance cover," LIC said.
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