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LIC’s policy has lapsed, you still have a chance to resume it

If your LIC policy has lapsed due to any reason, then you can start it again. Life Insurance Corporation (LIC) has come up with the scheme to re-introduce the lapse policy. In fact, LIC has already introduced a scheme to revive the lapse policy due to coronavirus infection. Once again it has started a plan to give its benefits to customers. LIC has announced to launch a special campaign from January 7 to March 6 to revive the lapsed policy. However, it comes with terms and conditions.

Late fee waiver 

The company has said that up to 20 per cent will be waived in the late fees incurred on re-renewing the policy. At the same time, if the annual premium is between one to three lakhs, then there can be a discount of 25 per cent in late fees. LIC has authorized 1,526 satellite offices to revive such policy. There is no need to provide special medical check-ups.

Certain conditions are also applicable 

LIC has stated that special eligible schemes will be allowed to resume within 5 years from the date of non-payment of premium with certain terms and conditions under the Special Revival Campaign. Some concession will also be given on health-related needs. Most policies will be resumed only on the basis of a declaration of good health and questions on Covid-19. LIC had earlier also conducted revival schemes for its customers from August 10 to October 9, 2020. The company has said that policyholders will get a 20 per cent discount in late fees. At the same time, if the annual premium is between one to three lakhs, then there can be a discount of 25 per cent in late fees.