If you have a LIC life insurance policy, this news is especially useful for you. Life Insurance Corporation of India, the country’s largest insurer, is offering one last chance to revive a stalled policy. You can resume your closed policy by March 6. This special revival campaign has started from 7th January and will last till last 6th March. Under this special revival campaign of LIC, the policy of some special schemes can be resumed. You may be at a great disadvantage if you do not resume your closed policy. In which you will never be able to take advantage of life insurance.
Under this special revival campaign, the same policy will be re-introduced in which the five-year period from the date of late payment of installments by the policyholders has not been completed. However, there are a number of terms and conditions to consider. For revival, policyholders will also get a waiver of late fees as well as health needs.
Late fees will get such a discount
- In case of revival of the suspended policy, the policyholders will get a rebate of Rs 2,000 per cent or more on the late fee at an annual premium of up to Rs 1 lakh.
- If a policyholder’s annual premium is between Rs 1 lakh and Rs 3 lakh, he will get a rebate of Rs 2,500, 25 per cent or more.
- With this, you will get a discount of Rs 3,00,001 and an additional premium of 30 per cent or Rs 3,000.
No discounts here
In case of high risk plans like Health Insurance, Term Insurance and Multiple Risk Policy, there is no exemption in late fees. Policies that have lapsed in payment of premium and whose policy term has not been completed by the revival date may be revised in this campaign.