India’s largest life insurer LIC or Life Insurance Corporation of India has provided a particular two-month window for revival of lapsed insurance policies. The particular marketing campaign will run from 10th August to ninth October. LIC mentioned the marketing campaign has been launched to profit these coverage holders who weren’t ready to pay premiums due to unavoidable circumstances and their coverage lapsed. “It always makes better sense to revive an old policy to restore insurance cover,” the life insurer mentioned.
Here are 5 issues to find out about LIC’s particular supply on revival of lapsed insurance policies
1) LIC mentioned no concessions are being provided in medical necessities in “view of the prevailing circumstances”, probably referring to the coronavirus pandemic.
2) Concessions are restricted to late charge solely. But excessive danger plans like time period assurance, medical insurance and a number of danger insurance policies should not eligible for the late charge concessions.
3) Policies that are in lapsed situation throughout the premium paying time period and never accomplished coverage time period as on the date of revival are eligible to be revived on this marketing campaign.
4) Under this Special Revival Campaign, insurance policies of particular eligible plans might be revived inside 5 years from date of the primary unpaid premium topic to sure phrases & circumstances, LIC mentioned
“To encourage continuation of Risk cover in the current circumstances of high risk, LIC brings an excellent opportunity for its policyholders to revive their lapsed policies,” the life insurer mentioned in an announcement.
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5) LIC is providing a most concession between Rs. 1500 and ₹2,500 in late charge concession relying on whole receivable premium. (Refer to the desk above).
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