LIC launches special drive to revive lapsed policies

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LIC launches special drive to revive lapsed policies

The campaign for a resurgence of individual lapsed policies was launched by behemoth Corporation of India LIC on Tuesday.

This special drive, to be carried out from August 17 to October 21, 2022, is extended to all non-ULIP policies with a very attractive late fee.

All policies except ULIP Unit linked plan can be revived within 5 years from the first unpaid premium subject to policy conditions, said in a statement.

Micro Insurance Policies have a 100 per cent waiver of late fee to allow affordable restoration of risk cover, it said.

The campaign was launched to help policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.

Life insurance cover is a risk management system for contingent, unexpected loss of life, it said. This campaign gives policy holders the opportunity to revive their lapsed policies and continue to enjoy the benefits of insurance to protect the financial interests of their family.

The insurer is offering a 25 per cent concession in late fee for a total receivable premium of up to Rs 1 lakh, while the maximum concession is Rs 3,000 for a premium amount of Rs 1 -- 3 lakh.

The concession is offered at 30 per cent for a premium of above Rs 3 lakh, with a cap of Rs 3,500.