The headline to revive lapsed LIC policies for policyholders is ending next week, that is on March 25. The Life Insurance Corporation of India, or LIC, had in February brought in a significant grant to its policyholders to battle with the pandemic and the financial and health risks associated with it. The state-run insurance giant is in the process of offering its policyholders to revive their lapsed policies in the current financial year, the company has said in a press release. This is for the second time the LIC is running this campaign.
LIC is running a special policy revival campaign till March 25 for individual lapsed policies. The campaign had started on February 7. Policies, which are in a lapsed condition during the premium paying term and not completed policy term, are eligible to be revived in this campaign.
“In view of the prevailing circumstances, concessions are being offered in late fee for other than Term Assurance and High Risk Plans, depending on the total premiums paid. There are no concessions on medical requirements. Eligible Health and Micro Insurance plans also qualify for the concessions in late fee,” LIC had said in a press release.