LIC Policy New Update: Under this campaign of LIC, all types of policies other than ULIP can be revived within a period of 5 years from the date of default in the first premium subject to certain conditions.
If you had a policy of the Insurance Corporation of India (LIC), which has lapsed. So you have a great chance to get it running again. Actually, LIC has started a campaign to revive the discontinued individual insurance policies. This campaign has started from Wednesday.
On October 21
the statement issued by LIC on Tuesday said that except ULIP, all policies can be activated with Late Fees under this special campaign. Policyholders will also be given a discount in this late fee under the campaign. It was told by the country’s largest insurance company that this campaign will start on August 17 and will continue till October 21, 2022.
100% discount in these policies
According to PTI, it was told by LIC that the policyholder will get 100% rebate in late fees for micro insurance policies, so that his risk can be covered. Keep in mind that under this campaign, all types of policies other than ULIP can be revived within a period of 5 years from the date of default in the first premium subject to certain conditions. That is, all non-ULIP policies can be activated.
That’s why the campaign started.
Actually, LIC has started this campaign for such policyholders, who could not pay the premium due to some reason or the other. Due to this his insurance policy was discontinued. The company has shared the information of this campaign through social media. In the tweet made by LIC, it was told that the company is giving a special opportunity to the policyholders to get their lapsed policy revived.
LIC GIVES A UNIQUE OPPORTUNITY FOR POLICYHOLDERS TO REVIVE THEIR LAPSED POLICIES.#LICI #LIC pic.twitter.com/fItYZsZKry
— LIC India Forever (@LICIndiaForever) August 17, 2022
According to LIC, under this campaign, policyholders will be given 25 percent rebate
in late fee for total premium up to Rs 1 lakh. The maximum limit of this exemption will be Rs 2,500. Apart from this, the maximum exemption amount has been fixed at Rs 3,000 for a total premium of Rs 1 to 3 lakh. If we talk about late fee on premium above Rs 3 lakh, then it will be 30 percent of the total premium or maximum exemption of Rs 3,500 will be available.
Know here, LIC’s first quarter profit
Recently, LIC had declared the results of the first quarter of the financial year 2022-23. Under this, the company has made a net profit of Rs 682.9 crore in the April-June quarter. At the same time, LIC’s profit was only Rs 2.6 crore in the same quarter of the last financial year. LIC got this profit on an annual basis.
However, there has been a decline in the profits of the insurance company on a quarterly basis. Because LIC’s net profit in the March quarter was Rs 2,371.5 crore. After the quarterly results, it was said by LIC that in the coming quarters, there will be ups and downs in the profits of the company.
Shares trading in gains In
May this year, LIC had introduced the biggest IPO in the country’s history. However, it disappointed investors. The company had fixed an upper price band of Rs 949 for the stock. But, their listing in the stock market was done with a discount. Since the listing, there was a decline in the shares.
Read Also: LIC Big News: LIC made a profit of Rs 682.9 crore in the quarter, know about the share UP DOWN
