For second time in FY22, Life Insurance Corporation of India (LIC of India) has given a chance to its policyholders to revie their lapsed insurance policies. The insurer has launched Special Revival Campaign from seventh February 2022 that can stay accessible until twenty fifth March 2022. Under this marketing campaign, life insurance coverage policyholders will be capable to revive their particular person lapsed insurance policies with concession in late charge.
Concession in late charge
While asserting the revival of lapsed particular person insurance policies, the LIC of India introduced concession in late charge as effectively. LIC mentioned that in view of the prevailing circumstances, concession are being supplied in late charge for aside from Term Assurance and High Risk Plans, relying upon the full premiums paid. There aren’t any concession on medical necessities.
Elaborating upon the concession in late charge, LIC of India mentioned that on complete receivable premium as much as ₹1 lakh (for typical and well being insurance policies), 20 per cent concession in late charge with ₹2,000 cap on most concession quantity might be given on coverage revival. From ₹1,00,001 to ₹3 lakh receivable premium, concession in late charge is 25 per cent whereas the utmost quantity in late charge concession has been capped at ₹2500. Concession in late charge given on receivable premium above ₹3 lakh is 30 per cent whereas the utmost concession on this class has been capped at ₹3000.
For revival of micro insurance policy, LIC has introduced 100 per cent concession in late charge.
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Source: LIC of India
While asserting its second Special Revival Campaign in present fiscal, LIC of India mentioned, “To provide continued Risk Cover in these challenging times, LIC brings a valuable opportunity for the second time in the current financial year for revival of lapsed policies. A Special Revival Campaign is being launched from 7th February to 25th March 2022 for individual lapsed policies.”
See LIC tweet beneath:
On cause for launching Special Revival Campaign, LIC mentioned, “The campaign is launched for the benefit of those policyholders whose policies lapsed as they were not able to pay premium on time due to unavoidable circumstances…. While the current Covid 19 pandemic scenario emphasized the need for mortality protection, this campaign is a good opportunity for LIC Policyholders to revive their policies, restore life cover and ensure financial security for their family.”
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