LIC launches policy revival campaign

Hyderabad: LIC launched a distinctive special revival campaign for its customers to revive their individual lapsed LIC policies from August 17 to 21.Under this special revival campaign, except ULIP policies, all policies can be revived within five years from date of the first unpaid premium subject to policy conditions. This special revival campaign is aimed at continuing the benefit of insurance to protect the financial interests of their family.

It is a unique drive as it extends to all non-linked insurance plans (non-ULIP) policies with concession in late fee. For policies except ULIP, where total receivable premium is up to Rs1,00,000, then a 25 per cent of concession on late fee is offered to a maximum limit of Rs2,500. And for premiums between Rs1,00,001 to Rs3,00,000, a concession of 25 per cent on late fee to a maximum limit of Rs3,000 is allowed. And for premium amount between Rs3,00,001 and above, concession of 30 per cent is allowed to a maximum limit of Rs3,500. There is a 100 per cent waiver of late fee for micro insurance policies to facilitate affordable restoration of risk cover.

Policies except ULIP plans which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival are eligible to be revived in this campaign.