LIC lapse policy revival Offer 2023: The lapse insurance policy of Life Insurance Corporation of India can be restarted with a discount. This is being considered a big gift to the customers on Diwali.
LIC Best Policy: There are lakhs of LIC account holders in the country whose policy has lapsed and they are not able to renew it due to the amount of penalty. Even in two years of Covid-19, due to job loss or other reasons, many customers of Life Insurance Corporation of India i.e. LIC were not able to deposit the policy money on time.
In such a situation, LIC has given the customers an opportunity to restart the inactive policy. For this, customers will not have to pay any late fee. This discount will be available to the insured only till 31st October. That is, the account holders of Life Insurance Corporation of India can re-activate the closed or lapsed policy.
A special campaign to restart LIC is going on before Navratri. In this, LIC is also giving a discount of up to 30 percent on the premium. Also, no late fee will be charged from them.
How much discount will you get?
LIC customers will get different discounts according to the insurance plan. Policyholders can get a discount of Rs 3-4 thousand to Rs 10 thousand.
LIC says that the policy has lapsed due to premium not being deposited on time. The terms and conditions of the policy contract will not be valid until you renew it. A lapsed insurance policy requires payment of premium along with interest. To renew many policies, a medical test also has to be done.
Grace period of insurance premium:
After purchasing the insurance policy, the premium has to be deposited online or offline annually, half yearly, quarterly or every month. Grace period is also available for one month. The policy lapses if the premium is not paid within the stipulated period.
How much savings on how much amount
1. If the outstanding premium is up to Rs 1 lakh, then a maximum discount of Rs 3,000 is available along with 30 percent on late fee.
2. If the premium is between Rs 1 to 3 lakh, then there will be a maximum discount of Rs 3500 along with 30% discount on late fee.
3. If the outstanding premium of the policy is more than Rs 3 lakh then the maximum discount on it is Rs 4000
What customers should do
1. Visit the official website of LIC ( www.licindia.in ) to get complete details of outstanding claims and rebate.
2. You can also get the policy reinstated by talking to a nearby branch or agent of LIC.
