The Life Insurance Corporation of India (LIC) is one of the largest insurance company in India. Their headquarters is located in Mumbai and was incorporated in 1956. They have a broad and deep product spectrum to address the needs of different people.
On Sunday, the Life Insurance Corporation of India (LIC) announced that it will provide an opportunity for its policyholders to revive their lapsed policies to encourage the continuation of risk cover in this difficult period. From August 10 till October 9 they have decided to launch a special revival campaign for the customers to revive their individual lapsed LIC policies.
Life Insurance Corporation of India mentioned in a statement that they are In a view of the prevailing circumstances, no the concessions and are being offered in medical requirements and the same are limited to late fees only. It is under certain plans other than term assurance and other high-risk plans.
Based on this Special Revival Campaign, the Life Insurance Corporation of India highlights that the policies of specific eligible plans can be revived within the tenure of five years from the date of the first unpaid premium subject to certain terms and conditions. And they point outs that the policyholders will get 20 percent late fee concession for a revival of the policy while 25 percent concession between Rs 1 lakh and Rs 3 lakh.
There exist certain policies that are in the lapsed condition during the premium paying term and not completed the policy term as on the date of revival are eligible to be revived in this campaign and it is a notable one too. These kinds of the campaign will benefit for those policyholders who were not able to pay the premiums because of unavoidable circumstances and their policy get lapse and they assume that this will always make better sense for the customers or policyholders to revive an old policy to restore the insurance cover and LIC values its policyholders and their desire to continue their life insurance cover. It is a very effective and notable decision taken by the authorities of Life Insurance Corporation of India.