LIC Policy: India’s biggest insurance agency, Life Insurance Corporation or LIC, has sent off an exceptional mission for policyholders to restore their individual lapsed policies. Beginning from August 17, Wednesday, the LIC will give the open door to clients to resuscitate their passed approaches, with the exception of ULIP policies.
The LIC policy revive mission will go on till October 21, 2022, said the organization in an official statement prior. The mission has been sent off to help those policy holders who couldn’t pay charges because of undeniable conditions and their approach passed, it said.
“LIC GIVES A UNIQUE OPPORTUNITY FOR POLICYHOLDERS TO REVIVE THEIR LAPSED Contracts,” the insurance behemoth said in a tweet on Tuesday.
LIC brings a particular Special Revival Campaign from 17.08.2022 to 21.10.2022 for its clients to resuscitate their individual passed LIC policies. This Special Revival Campaign is a novel drive as it reaches out to all non-ULIP Policies with extremely alluring concession in late expense.”
Under this Special Revival Campaign, with the exception of ULIP policies, all arrangements can be revived in the span of a long time from date of the primary neglected premium subject to strategy conditions, LIC said in the public statement.
Late Fee Concession for LIC Policyholders
- For policies with a complete receivable premium of up to Rs 1 lakh, there is an all out concession of 25%, with the greatest concession being Rs 2500
- For policies with a complete receivable premium of Rs 1,00,001 to Rs 3 lakh, there is an all out concession of 25%, with the most extreme concession being Rs 3000
- For policies with an all out receivable premium of Rs 3,00,001 or more, there is a complete concession of 30%, with the most extreme concession being Rs 3500
There is a 100 percent waiver of late charge for Micro Insurance Policies to work with reasonable rebuilding of hazard cover. In any case, there are no concessions in clinical necessities under the unique program, the LIC said.
The mission is sent off to help those arrangement holders who couldn’t pay charges because of undeniable conditions and their approach slipped by.
“Extra security cover is a gamble the board, for contingent, unforeseen death toll. This mission offers a once in a lifetime opportunity for LIC’s esteemed strategy holders to resuscitate their passed strategies and proceed with the advantage of protection to safeguard the monetary interests of their family,” LIC said in the public statement.
This is the second time this year that the protection behemoth sent off such a mission. Prior, LIC said that it will run an extraordinary policy recovery crusade from February 7 to March 25 for individual slipped by policies.
