LIC coverage lapsed? Here’s how one can revive it
Image Source : PTI LIC gives one other alternative to revive lapsed insurance policies
The Life Insurance Corporation of India (LIC) on Thursday launched a marketing campaign to encourage people to proceed their threat cowl, amid the coronavirus pandemic, the place lapsed insurance policies might be revived. The insurance coverage behemoth has launched a Special Revival Campaign ranging from January 7 until March 6 for its clients to revive their lapsed particular person insurance policies topic to sure situations.
It has additionally authorised its 1,526 satellite tv for pc places of work to revive insurance policies the place particular medical exams aren’t required.
“Under this Special Revival Campaign, policies of specific eligible plans can be revived within five years from the date of the first unpaid premium subject to terms and conditions,” LIC stated in an announcement.
Certain concession in well being necessities can also be being provided topic to eligibility, it stated, including that almost all insurance policies might be revived solely on the idea of a declaration of fine well being and a COVID-19 questionnaire to be submitted by the proposer/ life assured.
LIC had launched an analogous marketing campaign from August 10 until October 9, 2020 for its clients to revive their lapsed particular person insurance policies.
Policyholders will get 20 per cent late price concession or Rs 2,000 for revival whereas 25 per cent concession for annual premiums between Rs 1 lakh and Rs 3 lakh, it stated.
Policies in lapsed situation throughout the premium paying time period and never accomplished coverage time period as on the date of revival are eligible to be revived on this marketing campaign, the assertion stated.
The marketing campaign will profit these policyholders who couldn’t pay premiums because of unavoidable circumstances and their insurance policies lapsed.
It at all times makes higher sense to revive an previous coverage to revive insurance coverage cowl and LIC values its policyholders and their want to proceed their life insurance coverage cowl, the assertion stated.
This marketing campaign is an efficient alternative for LIC’s policyholders to revive their insurance policies and restore life cowl to make sure monetary safety for his or her household, it added.
LIC at the moment companies nearly 30 crore insurance policies throughout the nation.
(With PTI Inputs)
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