LIC New Update: LIC keeps on bringing out offers for the customers from time to time. LIC is giving an opportunity to the holders to run the recently discontinued insurance policies. Know the details..
LIC Big News Update :Life Insurance of India i.e. LIC is the largest insurance company in the country. Whether a resident of a city or a village still trusts LIC for insurance. The main reason for this is that investors get better returns as well as safety of money in this. LIC keeps on bringing out offers for the customers from time to time. LIC has given an opportunity to the holders to run the recently discontinued insurance policies.
LIC has started a campaign giving an opportunity to revive expired individual insurance policies. LIC said in a statement issued on Tuesday that all policies except ULIPs (Unit Linked Insurance Plan) can be revived under the special campaign with exemption in late fee. This campaign will start on August 17 and will run till October 21, 2022.
According to the statement, all policies other than ULIPs can be revived within a period of five years from the date of default in the first premium subject to certain conditions. The insurance company said that for micro insurance policies, 100 per cent rebate on late fee will be given to cover the risk.
This campaign has been launched for the benefit of those policyholders who were not able to pay the premium due to some reason and their policy was discontinued.
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According to LIC, 25% concession in late fee will be given for total premium up to Rs 1 lakh. The maximum exemption limit is Rs 2,500. At the same time, for a premium of Rs 1 to 3 lakh, the maximum exemption is Rs 3,000. Similarly, 30 per cent exemption will be given in late fee with a maximum concession of Rs 3,500 on premiums above Rs 3 lakh.
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