LIC said in a statement released on Tuesday that all policies except ULIP (Unit Linked Insurance Plan) can be revived under a special campaign with a waiver of late fee.
If you have also bought LIC’s policy in the past, and the policy has lapsed due to non-payment of premium, then there is a special opportunity for you. Government company Life Insurance Corporation of India (LIC) has started a campaign giving a chance to revive lapsed personal insurance policies.
LIC said in a statement released on Tuesday that all policies except ULIP (Unit Linked Insurance Plan) can be revived under a special campaign with a waiver of late fee. This campaign will start on August 17 and 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 first premium subject to certain conditions.
Late fee waiver for small policies
The insurance company said that 100 per cent waiver on late fee for micro insurance policies 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 any reason and their policy lapsed.
This concession on policy up to 1 lakh
According to LIC, a concession of 25 per cent in late fee will be given for total premium up to Rs 1 lakh. The maximum limit of exemption is Rs 2,500. Whereas, for premium between Rs 1 to Rs 3 lakh, the maximum deduction is Rs 3,000. Similarly, for premiums above Rs 3 lakh, a 30 per cent waiver will be given on late fee with a maximum concession of Rs 3,500.
