The Life Insurance Corporation of India (LIC) has made it possible for policyholders to revive their individual lapsed policies. The corporation announced a two-month Special Revival Campaign on August 23, 2021. The campaign will continue till October 22, 2021, and offer a concession on late fees charged for policy revival.
Here’s How LIC’s Special Revival Campaign Works
Under this campaign, the policies issued under some specific plans are eligible for revival within five years from the first unpaid premium date, subject to various terms and conditions. However, policies that are excluded from this campaign include high-risk plans and term insurance.
The concessions on late fee payments will depend on the total premiums paid. Furthermore, eligible micro insurance and health plans can also be revived and qualify for late fee concession.
Here’s a breakdown of the concession offered on late fees for eligible plans under LIC’s Special Revival Campaign:
| Receivable premium | Late fee concession allowed | Maximum Concession in INR |
| Up to Rs. 1,00,000 | 20% | 2,000 |
| Between Rs. 1,00,001 to Rs. 3,00,000 | 25% | 2,500 |
| Above Rs. 3,00,000 | 30% | 3,000 |
Which Policies Are Eligible for Revival Under this Special Campaign?
Policies which are lapsed during the current premium paying term and have not completed policy term are eligible for revival under this campaign, said LIC Press Release.
Who Can Benefit from LIC’s Special Revival Campaign?
It is meant for policyholders whose policies have lapsed as they could not pay the premiums timely due to certain unavoidable situations. With policy revival, they can restore the insurance cover and stay protected.
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