LIC presents policyholders likelihood to revive lapsed insurance policies amid Omicron outbreak

NEW DELHI :

To present continued threat cowl in these difficult occasions, the Life Insurance Corp. of India (LIC) brings a worthwhile alternative for the second time within the present monetary 12 months for the revival of lapsed insurance policies. A Special Revival Campaign is being launched from 7 February to 25 March 2022 for particular person lapsed insurance policies.

In view of the prevailing circumstances, concessions are being supplied in late charges apart from time period assurance and high-risk plans, relying on the whole premiums paid. There aren’t any concessions on medical necessities. Eligible well being and micro insurance policy additionally qualify for the concession in a late price, the insurer stated in an announcement.

Under this particular revival marketing campaign, insurance policies of particular eligible plans might be revived inside 5 years from the date of the primary unpaid premium topic to sure phrases and circumstances.

View Full ImageHigh-risk plans like time period assurance and a number of threat insurance policies, and many others. are usually not eligible for the concession.

Policies that are in a lapsed situation throughout the premium paying time period and never accomplished coverage time period are eligible to be revived on this marketing campaign.

The marketing campaign is launched for the advantage of these policyholders whose insurance policies lapsed as they weren’t in a position to pay premiums on time because of unavoidable circumstances. While the present covid-19 pandemic state of affairs has emphasised the necessity for mortality safety, this marketing campaign is an effective alternative for LIC’s policyholders to revive their insurance policies, restore life cowl and guarantee monetary safety for his or her households, it stated.

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