LIC launches special campaign for revival of lapsed policies

LIC special campaign: To encourage the continuation of risk cover in this difficult period, insurance behemoth LIC on Sunday 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 for its customers to revive their individual lapsed LIC 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 said in a statement.

“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 said in a statement.

Under this Special Revival Campaign, it said, 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.

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

Policies that are in the 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 policyholders 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 values its policyholders and their desire to continue their life insurance cover, LIC said.

Mean-while, India’s COVID-19 tally reached 22,15,075 today, with 62,064 cases being reported in a day. Recoveries rose to 15,35,743 according to the Union Health Ministry data. The total number of deaths from Covid-19 rose to 44,386 after 1,007 deaths were reported in the last 24 hours. This is the fourth consecutive day that the COVID-19 cases have increased by more than 60,000. India had crossed the 20-lakh mark on Friday. India has recorded the highest number of recoveries in a single day with 54,588 COVID patients having recovered and discharged yesterday.