Renew the policy of LIC
LIC Policy: Have your LIC lapsed policies been discontinued due to any reason… If your policy has lapsed then now you can start it again.
- February 21, 2021, 1:38 PM IST
Let me tell you, the benefit of this campaign will be given to those customers, who have not been able to pay the premium of their policy for some reason. However, the date of non-payment of premium for this should not be more than 5 years old. Apart from this, you will also get the benefit of late fee exemption for policy revival.
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The company has said that up to 20 per cent will be waived in the late fees incurred on re-renewing the policy. At the same time, if the annual premium is between one to three lakhs, then there can be a discount of 25 percent in late fees. At the same time, a rebate of 30 percent or Rs 3,000 will be available on the premium of Rs 3,00,001 and above.
LIC has authorized 1,526 satellite offices to resume such policy. There is no need to provide special medical check-ups.
What are the conditions?
Under this campaign, you have to fulfill certain conditions. The policy will be revived within 5 years. Some concession will also be given on health related needs. Most policies will be resumed only on the basis of declaration of good health and questions on Kovid-19. Let us tell you that the company had also previously operated revival scheme from August 10 to October 9, 2020.
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These policies will not get the benefit of rebate
Apart from this, the company said that this rebate will not be available on high risk plans like term insurance, health insurance, multiple risk policies. Policies which have lapsed in the premium paying term and whose policy term has not been completed till the revival date, can be revived in this campaign.