After getting the huge response to its earlier launched Special Revival Campaign from 01/09/2015 to 31/10/2015 which was later extended up to 30/11/2015, LIC of India the state owned insurer again launched it’s Revival campaign from 01/01/2016 to 29/02/2016. In this revival campaign Life Insurance Corporation of India provided some concession in late fee and evidence of health while reviving the policy within this period. It is a very good initiative by Life Insurance corporation of India (LIC).
Policies which are eligible for revival in Revival Campaign
Individual life insurance policies and Health insurance policies are eligible for revival under this campaign.
Individual Policies and Health Policies which are eligible for revival in this revival campaign
- Lapsed policies under all type of plans are eligible except Micro insurance Plans. ULIP┬аpolicies under Plan 802,803,804,811 which are discontinued as per policy conditions are┬аeligible for revival.
- Policies which are in lapsed condition for more than 6 months from FUP as on date of┬аrevival.
- Policies issued through all distribution channels.
- Policies which are in lapsed condition during the premium paying term and not completed┬аpolicy term as on the date of revival.
- Policies under Plan 805 and 806 can be revived within 1 year from FUP.
- Revival of policies with FUP more than 5 years as on the date of revival will be done as┬аper the rules. However such policies will be eligible for late fee concession.
- Policies under all types of Health plans are allowed.
- Policies which are in lapsed condition for more than 15 days for Monthly mode/ECS┬аmode and One month for policies with other than monthly mode, but less than 2 years┬аfrom FUP as on 01.09.2015 will be eligible.
Concession in late fee during revival campaign
The basis for allowing concession in late fee will be the total receivable premium under the┬аpolicy, as indicated below during this revival campaign.
|Total Receivable premium|
amount under policy
|% of concession|
allowed in late fee
|Maximum amount of|
|Upto Rs. 1,00,000||20%||Rs. 1,500|
|From 1,00,001 to 3,00,000||25%||Rs. 2,000|
|From 3,00,001 and above||30%||Rs. 2,500|
- Concession in late fee will be allowed only for policies where policyholder pays all arrears┬аof premium with interest and revival requirements if any, up to the date of revival.
- Concession in late fee will be allowed for all types of revival including SB-cum-Revival,┬аLoanтАУcum-Revival, and Instalment Revival.
- Concession in late fee will not be allowed to policies which were revived during the┬аcampaigns for revival of lapsed policy in 2013 and two campaigns in 2014, where┬аconcession in late fee was granted.
- Concession in late fee will also be allowed under policies where no evidence of health┬аwill be required i.e spot revival.
- Late fee concession will also be allowed where the arrears of premium for revival is in┬аpolicy deposit and adjustment of the same is done during the campaign period after┬аreceipt of revival requirements.
- Under some plans like plan 91, 128, 174, 179 wherein the policyholder can pay one or┬аtwo instalments of premium with interest instead of paying all arrears of premium,┬аconcession in late fee will not be allowed for such part payment. Needless to add that if┬аall arrears of premiums with interest are paid during campaign period, then concession in┬аlate fee will be allowed as per rule.
- For plan 903 and 904 :┬аWaiver of interest of 20% subject to maximum of Rs.1500 under LICтАЩs Jeevan Arogya┬аplan 903 and 904.
- Medical Reports are to be submitted as per existing underwriting rules.
- No concession in waiting period for health policies during this revival campaign.
To know more about other details you can read my earlier post:┬аSpecial campaign for revival of lapsed policies of LIC of India