Here’s how the revival campaign works:
The policies of specific eligible plans can be revived within five years from the date of the first unpaid premium subject to certain terms and conditions, LIC said in a press release.
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, it added. However, term assurance and high-risk plans have been excluded.
“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,” LIC said.
“There are no concessions on medical requirements. Eligible Health and Micro Insurance plans also qualify for the concession in late fee,” it noted.
Concession to be offered on late fees:
For a total receivable premium of up to Rs 1 lakh, a 20 percent concession in late fees would be offered. However, the concession amount cannot exceed Rs 2,000.
For the total receivable premium from Rs 1-3 lakh, a 25 percent concession in late fees not exceeding Rs 2,500 would be offered.
In case of the total receivable premium being above Rs 3 lakh, a 30 percent concession in late fees is permitted, but the concession amount cannot exceed Rs 3,000. ReadMore
Source : techiyogiz