Mumbai:
To encourage continuation of risk cover in the current circumstances of Corona Pandemic and high risk,life insurnace behmoth the Life Insurance Corporation (LIC) has decided to launch a Special Revival Campaign from Jan 7 to Mar 6 for its 30 crore customers to revive their individual lapsed policies.
It has also authorised its 1526 satellite offices to revive policies where special medical tests are not required.
Under this Special Revival Campaign, policies of specific eligible plans can be revived within five years from date of the first unpaid premium subject to terms & conditions.
In the revival scheme,for premium payment upto Rs.1,00,000, a policy holder can avail 20 per cent discount(subject to a maximum of Rs. 2000), for premium payment of Rs 1,00,001 to Rs 3,00,000,a discount of 25 per cent ( subject to a maximum of Rs. 2500) and from Rs 3,00,001 and above,a discount of 30 per cent (subject to a maximum of Rs. 3000).
Certain other concession in health requirements is also being offered subject to eligibility. Most policies can be revived only on the basis of a declaration of good health and a covid questionnaire to be submitted by the proposer/life assured.
However, high risk plans like Term Assurance, Health Insurance, Multiple risk policies, etc. are not eligible for the concession.
The campaign is launched to benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed. It always makes better sense to revive an old policy to restore insurance cover. LIC values its policyholders and their desire to continue their life insurance cover.
This campaign is a good opportunity for LIC’s policyholders to revive their policies and restore life cover to ensure financial security for their family. LIC currently services almost 30 crore policies across the nation.