Chance to revive lapsed LIC policies

Hyderabad: To provide continued risk cover in these uncertain times, Life Insurance Corporation of India (LIC) has come up with an opportunity for revival of lapsed policies. A special revival campaign was launched on Monday and it will last up to October 22 for individual lapsed policies.

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. There are no concessions on medical requirements, the company said in a statement.

Eligible health and micro insurance plans also qualify for the concession in late fee. 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 certain terms and conditions.

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 was launched for the benefit of the policyholders whose policies lapsed as they were not able to pay premiums on time due to unavoidable circumstances.