If your LIC policy was closed, then you can start it again. Actually, Life Insurance Corporation of India or LIC has launched a special revival campaign to revive the expired life insurance policy.
If your LIC policy was closed, then you can start it again. Actually, Life Insurance Corporation of India or LIC has launched a special revival campaign to revive the expired life insurance policy. This campaign will run from 1 February to 24 March 2023. This is for all those policies which lapsed during the premium paying term but did not complete the term of the policy.
Late fees will also be exempted
According to LIC’s tweet, you have a chance to revive your lapsed LIC policy, they have been exempted from late fees between the period 1 February 2023 to 24 March 2023. A rebate of 25 per cent has been given in the late fee on premiums up to Rs 1 lakh. At the same time, in the case of premium up to Rs 3 lakh, there will be a discount of 25 percent in the late fee. There is a 30% discount on late fees for premiums of Rs 3 lakh and above.
Do note that the policy can be revived within five years from the date of first unpaid premium as per the terms of the plan. With this, a special offer late fee of Rs 5 will be levied on all eligible NACH and BILL Pay registered policies.
These people will not get benefit
High risk plans like term insurance, health insurance, multiple risk policies will not get the benefit of this revival campaign of the government insurance company. Policies which have lapsed during the premium paying term and whose term has not been completed till the revival date are included in this campaign.
Let us tell you that LIC is the largest and oldest insurance policy in the country. It keeps bringing different offers and schemes for its customers from time to time. Due to which the policy holder also gets many benefits. LIC has recently come up with a new and attractive plan. Whose name is Dhan Varsha Plan. With this scheme, you can get up to 10 times the risk cover for less money. It can give you good profit on paying one time premium.
Read More: Tax exemption will not be available on insurance policy if the premium is more than Rs 5 lakh
