To provide continued risk cover to its policyholders, state-run insurer Life Insurance Corporation of India (LIC) on Monday launched a special campaign for the revival of lapsed individual policies.
Under the ‘Special Revival Campaign’, policies of specific eligible plans can be revived within five years from the date of the first unpaid premium, subject to certain terms and conditions, the insurer said in a release.
The campaign has been launched from August 23, 2021 to October 22, 2021, the release said. Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign, it said.
“The campaign is launched for the benefit of those policyholders whose policies lapsed as they were not able to pay premiums on time due to unavoidable circumstances,” the release said.
The insurer is offering concessions in late fee for plans other than term assurance and high risk plans, depending on the total premiums paid.