Mumbai: LIC offers a valuable opportunity for policyholders to revive their lapsed policies. To provide continued Risk Cover in these challenging times, LIC brings a valuable opportunity for the second time in the current financial year for the revival of lapsed policies. A Special Revival Campaign is being launched from 7th February, 2022 to 25th March, 2022 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 this Special Revival Campaign, Policies of specific eligible plans can be revived within 5 years from the date of the First Unpaid Premium subject to certain terms and conditions.
CONCESSION IN LATE FEE FOR ELIGIBLE POLICIES
(High risk plans like Term Assurance and Multiple Risk Policies etc. are not eligible for the concession)
| Total Receivable Premium for conventional and health policies | Concession in late fee | Maximum Concession |
| Up to Rs.1,00,000 | 20% | Rs.2000/- |
| From 1,00,001 to Rs.3,00,000
|
25% | Rs.2,500/- |
| From 3,00,001 and above | 30% | Rs.3000/- |
| Microinsurance plans | Concession in the late fee | Maximum Concession |
| 100% | Full |
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 those policyholders whose policies lapsed as they were not able to pay premiums on time due to unavoidable circumstances. LIC continues to play an active role in ensuring that its Policyholders stay protected. While the current COVID 19 pandemic scenario has emphasized the need for mortality protection, this campaign is a good opportunity for LIC’s Policyholders to revive their policies, restore life cover and ensure financial security for their families.
