LIC policyholders to get late fee concession for reviving lapsed policies during this period
Policies that have expired during the premium-paying time but have not yet completed the policy term are eligible to be revived as part of this campaign, which will run from August 17, 2022 to September 21, 2022
The Life Insurance Corporation of India (LIC) has initiated a campaign to assist policyholders in renewing lapsed insurance contracts. According to a press release published by LIC available on the stock exchanges, policies that have expired during the premium-paying term but have not yet completed the policy term are eligible to be resurrected as part of this campaign, which will run from August 17, 2022 to September 21, 2022.
The campaign is aimed at helping policyholders whose policies have lapsed because they were unable to pay their premiums because of unforeseen circumstances.
According to the LIC press release, “LIC brings a distinctive Special Revival Campaign from 17.08.2022 to 21.10.2022 for its customers to revive their individual lapsed LIC policies. This Special Revival Campaign is a unique drive as it extends to all non-ULIP Policies with very attractive concession in late fee.”
Except for ULIP plans, all policies can be revived through this Special Revival Campaign within 5 years of the date of the First Unpaid Premium, subject to policy requirements.
To facilitate the inexpensive restoration of risk protection, Micro Insurance Policies have a 100% waiver of late fees. There are no exceptions to the medical requirements.
Policies, with the exception of ULIP Plans, that have lapsed during the premium payment term and have not finished the policy term as of the date of revival are eligible to be revived in this campaign, as per the LIC press release.
Have a lapsed LIC policy? Here’s an opportunity to revive it without paying high renewal fees2025-08-20T02:30:00Z
