If you are a LIC policyholder, then there is an opportunity for you. If you have a policy from the Life Insurance Corporation of India (LIC) and it has lapsed, then you can still revive it. Notably, this policy revival drive is to encourage individuals to continue their risk coverage amid the coronavirus pandemic.
The LIC has been running a special campaign for the past one month to revive the lapsed insurance policies cheaply. As per the updates, the campaign will conclude on March 25.
"While the current Covid-19 pandemic scenario has emphasised the need for mortality protection, this campaign is a good opportunity for LIC's policyholders to revive their policies, restore life cover and ensure financial security for their family," the insurance corporation said in the release.
Policies of specific eligible plans can be revived within 5 years under this Special Revival Campaign from the date of the First Unpaid Premium subject to certain terms and conditions.
On medical requirements, there are no concessions. The LIC also stated that eligible Health and Micro Insurance plans also qualify for the concession in a late fee.
High-risk plans like Term Assurance and Multiple Risk Policies are not eligible for the concession.
“The campaign is launched for the benefit of those policyholders whose policies lapsed as they were not able to pay premiums on time due to unavoidable circumstances. LIC continues to play an active role in ensuring that its Policyholders stay protected. While the current COVID 19 pandemic scenario has emphasized the need for mortality protection, this campaign is a good opportunity for LIC’s Policyholders to revive their policies, restore life cover and ensure financial security for their family,” LIC added.
