LIC policyholders good news here. If you have taken a policy from the Life Insurance Corporation of India (LIC) and it has lapsed, then you can still revive it. Good News: LIC India give good Opportunity to policyholders. For the past one month, the LIC has been running a special campaign since February 7 to revive the lapsed insurance policies cheaply.
As per the updates from the LIC, the special campaign will end on March 25. “To provide continued Risk Cover in these challenging times, LIC brings a valuable opportunity for the second time in the current financial year for revival of lapsed policies,” LIC said in a post.
As part of the Special Revival Campaign, the LIC policies of specific eligible plans can be revived within 5 years from date of the First Unpaid Premium subject to certain terms and conditions. The LIC also stated that due to prevailing COVID circumstances, concessions are being offered in late fee for other than Term Assurance and High Risk Plans, depending on the total premiums paid.
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However, there will be no concessions on medical requirements. The policyholders must take note that 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.
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