LIC gives a unique opportunity for policyholders to revive their lapsed policies,’ the insurance behemoth tweeted
This special drive, to be carried out from August 17 to October 21, 2022, is extended to all non-ULIP policies with very attractive concession in late fee
All policies except ULIP (Unit linked Insurance Plan) can be revived within 5 years from date of the first unpaid premium subject to policy conditions
There is a 100 per cent waiver of late fee for Micro Insurance Policies to facilitate affordable restoration of risk cover, it said.
For a total receivable premium of up to ₹1 lakh, the insurer is offering a 25 per cent concession in late fee
For premium amounting ₹1-3 lakh, the maximum concession allowed is ₹3,000
Similarly, for a premium amount of above ₹3 lakh, concession offered is 30 per cent, with a cap of ₹3,500.