new Delhi. If for any reason your LIC policy has lapsed, then you have a chance to revive it at low late fees only till March 25, 2022. This is because the Special Revival Scheme of Life Insurance Corporation of India which started from 7th February will be closed on 25th March. Under this scheme, a discount of 20 to 30 percent is being given in the late fee on the revival of the lapsed policy.
LIC said that keeping in view the prevailing circumstances, on the basis of the total premium paid, late fee waiver is being given on policies other than term assurance and high risk plans. LIC has supported that there will be no discount on health plans.
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How to Renew Lapse Policy (How you can renew lapsed LIC policy)
At present, customers have a golden opportunity to revive the discontinued insurance policy. The benefit of the Special Revival Campaign Scheme can be availed till 25 March 2022. The policies which have lapsed during the premium paying term and whose policy term is not yet completed can be revived once. Under the special revival campaign, policies with an eligible plan can be revived for a period of five years from the first date of non-payment of premium.
You will get discount of up to 20 to 30%
Except LIC Term Insurance and High Risk Plan, all other policies are waiving late fee on the basis of premium paid so far. Under this scheme, policies with an annual premium of Rs 1 lakh will get a discount of 20% or a maximum of Rs 2 thousand. A discount of 25% or a maximum of Rs 2,500 will be available on policies with an annual premium of Rs 1 lakh to Rs 3 lakh. A discount of 30% or a maximum of Rs 3 thousand will be given on policies with a premium of Rs 3 lakh 1 and above. LIC will give 100% rebate in late fees on micro insurance plans.
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this is the condition
Under this special campaign, those policies will be included which fulfill the policy term and fulfill the payment terms of premium. The company has said that this campaign has been launched for those customers who have not been able to pay the premium on time due to some reason. In the existing policies, you will get whatever cover is there for the old policies.
Tags: Life Insurance Corporation of India (LIC), Personal finance
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