Scheme to remain in force till Oct. 9
Life Insurance Corporation of India (LIC) has announced a special scheme to revive lapsed policies.
The ‘Special Revival Campaign’ is open from Monday to October 9 during which customers can revive their individual lapsed policies.
Though it is not offering any concessions in medical requirements, some concessions may be allowed in late fee under plans other than term assurance and other high-risk plans.
Under this scheme, 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 LIC said.
Those policies that have lapsed during the premium- paying term and not completed policy term as on the date of revival, are eligible to be revived during the campaign, the LIC added.
“The campaign is launched to benefit those policyholders who were not able to pay premium due to unavoidable circumstances and their policy lapsed. It always makes better sense to revive an old policy to restore cover,” LIC said.
“LIC values its policyholders and their desire to continue their life insurance cover. This campaign is a good opportunity for LIC’s policyholders to revive their policies and restore life cover to ensure financial security for their family,” it added.