LIC of India : Special Revival Campaign

LIC of India : Special Revival Campaign

To encourage continuation of risk cover in this corona (covid -19) difficult period, insurance behemoth LIC of India on August 8, 2020 said it will provide an opportunity for its policyholders to revive their lapsed policies.

It has decided to launch a special revival campaign from August 10 till October 9, 2020  for its customers to revive their individual lapsed LIC of India policies.

“In view of the prevailing circumstances, no concessions are being offered in medical requirements and the same are limited to late fee only; under plans other than term assurance and other high risk plans,” LIC of India said in a statement.

Under this Special Revival Campaign, it said, policies of specific eligible plans can be revived within 5 years from date of the first unpaid premium subject to certain terms and conditions.

 

The policyholders will get 20% late fee concession for revival while 25% concession between Rs. 1 lakh and Rs. 3 lakh, it said.

Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival are eligible to be revived in this campaign, it said.
The campaign will benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.

It always makes better sense to revive an old policy to restore insurance cover and LIC of India values its policyholders and their desire to continue their life insurance cover, LIC of India said.

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