The Life Insurance Corporation of India (LIC) has launched a special revival campaign for individual lapsed policies.
Under the campaign, from January 1 to March 2, upto 30% concession will be extended on the late fee for all non-linked insurance plans upto a maximum of ₹5,000 if they are eligible for revival.
Policies in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived. Policies can be revived within five years from date of the first unpaid premium subject to satisfying the policy terms and conditions. There are no concessions on medical/health requirements, the State-owned insurer said in a release on Friday.
The campaign is for the benefit of policyholders who were not able to pay premiums on time due to any unfavourable circumstances. Policies must be kept inforce to get full insurance benefit, LIC said.
