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LIC offers late fee concession for reviving lapsed policies

LIC offers late fee concession for reviving lapsed policies

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By CNBCTV18.com Aug 17, 2022 4:26:10 PM IST (Published)

For policies with a total receivable premium of up to Rs 1 lakh, there is a concession of 25 percent, with the maximum concession being Rs 2,500.

Life Insurance Corporation of India (LIC) on Wednesday launched an opportunity for policyholders to revive their lapsed policies. This special drive, to be carried out from August 17 to October 21, 2022, is extended to all non-ULIP policies with very attractive concession in late fee, LIC said in a statement.

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Under this special revival campaign expect ULIP policies, all policies can be revived within 5 years from date of the first unpaid premium subject to policy conditions. There is a 100 percent waiver of late fee for micro insurance policies to facilitate affordable restoration of risk cover, it said.
However, there is no concessions in medical requirements, LIC mentioned.
The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.
Here are the late fees concessions for LIC policyholders:
  • For policies with a total receivable premium of up to Rs 1 lakh, there is a concession of 25 percent, with the maximum concession being Rs 2,500.
  • For policies with a total receivable premium of Rs 1,00,001 to to Rs 3 lakh, there is a total concession of 25 percent, with the maximum concession being Rs 3,000.
  • For policies with a total receivable premium of Rs 3,00,001 and above, there is a total concession of 30 percent, with the maximum concession being Rs 3,500.
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