Hyderabad: To provide continued risk cover in these uncertain times, Life Insurance Corporation (LIC) has come up with an opportunity for the revival of lapsed policies and has launched a special revival campaign between August 23 and October 22, 2021, for individual lapsed policies.
In view of the prevailing circumstances, concessions are being offered in late fees other than Term Assurance and High-Risk Plans, depending on the total premiums paid. There are no concessions on medical requirements. Eligible Health and Micro Insurance plans also qualify for the concession at a late fee.
Under the revival campaign, 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.
High-risk plans like Term Assurance and Multiple Risk Policies etc are not eligible for the concession. 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. The campaign is launched for the benefit of policyholders whose policies have lapsed as they were not able to pay premiums on time due to unavoidable circumstances.