LIC launches 'Special Revival Campaign' to revive lapsed policies- DETAILS here

India's largest insurance company, Life Insurance Corporation (LIC) has launched a special revival campaign for policyholders to revive their individual lapsed policies.

This special campaign, which will run from August 17 to October 21, 2022, is open to all non-ULIP policies and includes a very attractive late fee reduction.

"LIC gives  a unique opportunity for policyholders to revive their lapsed policies", the insurance behemoth saisd in a tweet on Tuesday.

LIC GIVES A UNIQUE OPPORTUNITY FOR POLICYHOLDERS TO REVIVE THEIR LAPSED POLICIES.#LICI #LIC pic.twitter.com/fItYZsZKry — LIC India Forever (@LICIndiaForever) August 17, 2022

Except for ULIP (Unit linked Insurance Plan), all policies can be renewed within 5 years of the first unpaid premium, subject to policy restrictions, LIC said in a statemnent.

There is a 100 per cent waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover, it said.

Late Fee Concession for LIC Policyholders

- For policies with a total receivable premium of up to Rs 1 lakh, there is a total concession of 25 per cent, with the maximum concession being Rs 2500

- For policies with a total receivable premium of Rs 1,00,001 to to Rs 3 lakh, there is a total concession of 25 per cent, with the maximum concession being Rs 3000

- For policies with a total receivable premium of Rs 3,00,001 and above, there is a total concession of 30 per cent, with the maximum concession being Rs 3500

Life insurance is a part of risk management for contingent, unexpected death, it said, adding that this campaign allows LIC policyholders to renew expired policies and continue the benefit of insurance to protect their family's financial interests.