Lapsed LIC Policy If you have not paid the premium of your LIC policy and because of this it has lapsed, then you are getting a chance to start it again. LIC has started a new campaign.
Most of us prefer to take LIC policy to be safe from all kinds of untoward incidents. Many times it happens that these policies get lapsed and the policyholders are not able to revive it due to late fees being levied on them. For this reason, Life Insurance Corporation of India (LIC) has started a campaign to revive old insurance policies that were closed before maturity.
Will be able to start the old policy again
LIC has said in a tweet that under this campaign, LIC policyholders can resume their expired policies. This campaign will run till March 24, 2023 and concession is being given in late fees. In this way, now a special offer is also being given, in which the late fee is only Rs 5. This is being charged for National Automated Clearing House (NACH) and BILL Pay registered policies.
This is how you get discount
The concessions offered by LIC on revival of the policy are divided into three segments. In this, a concession of up to 25 per cent is being given in policies getting premium up to Rs 1 lakh, which will be up to a maximum of Rs 2,500.
For policies with premium above one lakh and less than three lakh, there is a concession of 25 per cent or up to a maximum of Rs 3,000. A rebate of 30 percent and a discount of Rs 3,500 is being given on premiums above three lakhs.
The lapsed policy can be revived by paying the accumulated premium along with interest. LIC has said that the discontinued policy can be started again only when it is approved by the corporation.
| total premium received |
late fee concession |
Maximum Concession Limit (in Rs.)Â |
| less than one lakh | 25% | 2,500 |
| 1 lakh to 3 lakh | 25% | 3,000 |
| above three lakh | 30% | 3,500 |
have to pay so much
To revive a lapsed policy, the policyholder has to pay a fresh fee on the premiums of the last two years along with late fee and additional interest or penalty. In case of term insurance policy, the insurance company can also ask for a medical examination again.
