To provide continued risk cover to its policyholders, state-run insurer Life Insurance Corporation of India (LIC) on Monday launched a special campaign for the revival of lapsed individual policies.
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, the insurer said in a release.
The campaign has been launched from August 23, 2021 to October 22, 2021, the release said.
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, it 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, the release said.
The insurer is offering concessions in late fee for plans other than term assurance and high risk plans, depending on the total premiums paid.
For receivable premium of up to Rs one lakh, late fee concession allowed is 20 per cent and maximum concession allowed is up to Rs 2,000.
For premium from Rs 1,00,001 to Rs 3,00,000, the insurer is allowing a late fee concession of 25 per cent with maximum concession of Rs 2,500.
For premium of above Rs 3,00,000, late fee concession allowed is 30 per cent with maximum concession of Rs 3,000, the release said.
There are no concessions on medical requirements. Eligible health and micro-insurance plans also qualify for the concession in late fee, the release said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU