LIC Update 2021: Policyholders can now revive their lapsed policies under THIS program – Important dates, fees, etc
All of us tend to live quite busy lives and while we try to accommodate everything, being humans it’s quite possible to miss out on a few things just like our insurance which does not require daily attention but is important.
Now, if you have insurance, you must know that you have to pay a certain amount every year which is paid in half-yearly form and if you don’t pay it then your policy might lapse. But here’s a golden opportunity for those who have forgotten to pay their life insurance deposit, the Life Insurance Corporation of India (LIC) is giving another chance to policyholders to revive their lapsed policies.
The LIC has launched a Special Revival Campaign from August 23 to October 22 for individuals. The office of LIC states, “To provide continued Risk Cover in these uncertain times, LIC has come up with an excellent opportunity for the revival of lapsed policies.”
You need not worry as LIC is offering concessions for those who have to pay late fees depending on the premium they pay. Under the special program provided by the LIC, only those policies can be revived who have completed 5 years from the date of the First Unpaid Premium subject to certain terms and conditions. Policies that have not completed their term and have lapsed can be revived in this campaign.
Concession In Late Fee For Eligible Policies:
The LIC statement said, “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. It always makes better sense to revive an old policy to restore insurance cover. LIC values its Policyholders and their desire to stay protected. This campaign is a good opportunity for LIC’s Policyholders to revive their policies and restore life cover and ensure financial security for their family.”