LIC policy lapsed? Here's how you can revive it through this 'Special Revival Campaign'
New Delhi | Jagran Business Desk: In a bid to encourage people to continue their risk cover amid the ongoing COVID-19 crisis, the Life Insurance Corporation of India (LIC) has launched a campaign to revive lapsed policies of its customers.
The campaign, which will continue till March 6 this year, will help LIC policyholders to revive their lapsed individual policies under certain conditions. The company in a statement also informed that more than 1,500 of its satellite offices have authorised to revive such policies for its customers.
"Under this Special Revival Campaign, policies of specific eligible plans can be revived within five years from the date of the first unpaid premium subject to terms and conditions," the company said.
Notably, the company had also launched a similar campaign in October last year to help its customers revive their lapsed individual policies.
What are the benefits of the LIC Special Revival Campaign?
The LIC has said that the Special Revival Campaign is a good opportunity for its customers to revive their policies and restore life cover to ensure financial security for their family.
It has said that the campaign will especially help those policyholders "who could not pay premiums due to unavoidable circumstances and their policies lapsed".
The life insurance company has further informed that under this scheme, the policyholders will get 20 per cent late fee concession or Rs 2,000 for revival while 25 per cent concession for annual premiums between Rs 1 lakh and Rs 3 lakh.
"It always makes better sense to revive an old policy to restore insurance cover and LIC values its policyholders and their desire to continue their life insurance cover," the company has said.
How can I revive my lapsed LIC policies?
Pure rick cover policies:
Pure rick cover policies lapse if the policyholder stops paying the premium. They can be only revived when the policyholder let go of the premiums and assured benefit.
If your traditional plan has lapsed for more than 2 or 3 years, then it can be revived only if your insurance company launched a special campaign.
Unit-linked insurance policies:
They can be revived from the date you first missed paying the premium till next two years. Here it is noteworthy to mention that the insurer will give you an option to revive the policy if you skip paying the premiums after the lock-in period.
Posted By: Aalok Sensharma