Like past many occasions, Life Insurance Corporation of India (LIC) has come up with a new Revival Campaign with the motive of reducing lapsation of policies and renewing the relation with old policyholders. This special campaign is from 17/07/2017 to 16/09/2017. During this campaign, policyholders can revive their lapsed policies (policies which have not acquired paid up value) with concession in the late fee.
Also Read:┬аTypes Of Revivl For Lapsed LIC Policies
Policies which are eligible for revival
This campaign is launched specially for individual policies which are lapsed without acquiring surrender value. This campaign also includes lapsed Health Insurance policies
Individual Policies and Health Policies which are eligible for revival in this campaign
- Policies which are in lapsed condition without acquiring surrender value.
- Policies issued prior to 01/01/2014 and not acquired surrender value and to be revived within 5 years from first unpaid premium
- Policies issued after 01/01/2014 and not acquired surrender value and to be revived within 2 years from first unpaid premium
- Policies issued through all distribution channel of LIC
- Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival.
- Policies which are in lapsed condition during the premium paying term and not completed┬аpolicy term as on the date of revival.
- 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 the monthly mode, but less than 2 years┬аfrom FUP will be eligible for revival.
Concession in late fee
Late fee concession will be offered depending on the status of the policy, as indicated below.
|Total Receivable premium amount under policy||% of concession allowed in late fee per policy||Maximum amount of concession allowed per policy|
|Upto Rs. 100000||20%||Rs. 1500|
|from Rs. 100001 to 300000||25%||Rs. 2000|
|from Rs. 300001 and above||30%||Rs. 2500|
- 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 under LoanтАУcum-Revival.
- Concession in late fee will not be allowed to policies which were revived during the┬аcampaigns for the┬аrevival of lapsed policy in 2014 and two campaigns in 2015 and campaign in 2016 , where┬аconcession in late fee was granted.
- 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 ┬а91, 128, 174 & 179 where 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 the campaign period, then concession in┬аlate fee will be allowed as per rule.
- Medical Reports are to be submitted as per existing underwriting rules.
- No concession in waiting period for health insurance policies.
Health Requirements or Evidence of health
The policy can be revived on submission of satisfactory declaration of good health (DGH), medical reports and special reports if any called by called by underwriter depending upon age and sum to be revived under the policy.
This is an excellent opportunity for policyholders to revive their lapsed policy with concession in the late fee. To know more, contact your LIC agents or visit your nearest/servicing branch.