New Delhi: To encourage the continuation of threat cowl on this troublesome interval, insurance coverage behemoth LIC on Sunday stated it is going to present a chance for its policyholders to revive their lapsed insurance policies. It has determined to launch a particular revival marketing campaign from August 10 until October 9 for its clients to revive their particular person lapsed LIC insurance policies.
“In view of the prevailing circumstances, no concessions are being provided in medical necessities and the identical are restricted to late payment solely; below plans apart from time period assurance and different excessive threat plans,” LIC stated in an announcement.
Beneath this Particular Revival Marketing campaign, it stated, insurance policies of particular eligible plans could be revived inside 5 years from date of the primary unpaid premium topic to sure phrases and circumstances.
The policyholders will get 20 per cent late payment concession for revival whereas 25 per cent concession between Rs 1 lakh and Rs three lakh, it stated.
Insurance policies that are in lapsed situation throughout the premium paying time period and never accomplished coverage time period as on the date of revival are eligible to be revived on this marketing campaign, it stated.
The marketing campaign will profit these coverage holders who weren’t capable of pay premiums resulting from unavoidable circumstances and their coverage lapsed.
It all the time makes higher sense to revive an previous coverage to revive insurance coverage cowl and LIC values its policyholders and their want to proceed their life insurance coverage cowl, LIC stated.