In view of the prevailing circumstances, concessions are being offered in late fee for other than term assurance and high-risk plans, depending on the total premiums paid, the insurer said.
Life Insurance Corporation (LIC) is offering an opportunity for the second time in the current financial year for revival of lapsed policies, through a special revival campaign from February 7 to March 25, for individual lapsed policies.
In view of the prevailing circumstances, concessions are being offered in late fee for other than term assurance and high-risk plans, depending on the total premiums paid, the insurer said. There are no concessions on medical requirements. Eligible health and micro insurance plans also qualify for the concession in late fee. Under the special 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.
Policies that 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 being launched for the benefit of policyholders whose policies lapsed because they were not able to pay premiums on time due to unavoidable circumstances, the insurer said.
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