Life Insurance Corporation (LIC) of India has launched a fresh campaign to revive lapsed individual life cover policies.
“To encourage continuation of risk cover in the current circumstances of the pandemic and high risk, LIC brings an excellent opportunity for its policyholders to revive their lapsed policies,” it said in a statement on Thursday.
The special revival campaign was launched on January 7 and will continue till March 6.
“Policies of specific eligible plans can be revived within five years from date of the first unpaid premium, subject to terms and conditions. Certain concession in health requirements is also being offered subject to eligibility,” it further said.
Most policies can be revived only on the basis of a declaration of good health and a Covid questionnaire to be submitted by the proposer or life assured.
LIC has also authorised its 1,526 satellite offices to revive policies, where special medical tests are not required.
It is also offering concession of up to 30 per cent in late fees for eligible policies. It, however, said that high-risk plans such as term assurance, health insurance and multiple risk policies are not eligible for the concession,
“The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed,” LIC further said.
It had previously also launched a similar campaign to revive lapsed policies between August 10 and October 9, 2020.
LIC currently services almost 30 crore policies across the country.