Special campaign for revival of lapsed policies of LIC of India

Special campaign for revival of lapsed policies of LIC of India

LIC, Life Insurance

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 11/12/2017 to 28/02/2018. During this campaign, policyholders can revive their lapsed policies with concession in the late fee. Continue reading “Special campaign for revival of lapsed policies of LIC of India”

LIC relaunched its special revival campaign

LIC relaunched its special revival campaign

LIC, Life Insurance

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
  1. Lapsed policies under all type of plans are eligible except Micro insurance Plans. ULIP policies under Plan 802,803,804,811 which are discontinued as per policy conditions are eligible for revival.
  2. Policies which are in lapsed condition for more than 6 months from FUP as on date of revival.
  3. Policies issued through all distribution channels.
  4. Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival.
  5. Policies under Plan 805 and 806 can be revived within 1 year from FUP.
  6. Revival of policies with FUP more than 5 years as on the date of revival will be done as per the rules. However such policies will be eligible for late fee concession.
  7. Policies under all types of Health plans are allowed.
  8. Policies which are in lapsed condition for more than 15 days for Monthly mode/ECS mode and One month for policies with other than monthly mode, but less than 2 years from 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 policy, as indicated below during this revival campaign.

Total Receivable premium
amount under policy
% of concession
allowed in late fee
Maximum amount of
concession allowed
Upto Rs. 1,00,00020%Rs. 1,500
From 1,00,001 to 3,00,00025%Rs. 2,000
From 3,00,001 and above30%Rs. 2,500
  1. Concession in late fee will be allowed only for policies where policyholder pays all arrears of premium with interest and revival requirements if any, up to the date of revival.
  2. Concession in late fee will be allowed for all types of revival including SB-cum-Revival,¬†Loan‚Äďcum-Revival, and Instalment Revival.
  3. Concession in late fee will not be allowed to policies which were revived during the campaigns for revival of lapsed policy in 2013 and two campaigns in 2014, where concession in late fee was granted.
  4. Concession in late fee will also be allowed under policies where no evidence of health will be required i.e spot revival.
  5. Late fee concession will also be allowed where the arrears of premium for revival is in policy deposit and adjustment of the same is done during the campaign period after receipt of revival requirements.
  6. Under some plans like plan 91, 128, 174, 179 wherein the policyholder can pay one or two instalments of premium with interest instead of paying all arrears of premium, concession in late fee will not be allowed for such part payment. Needless to add that if all arrears of premiums with interest are paid during campaign period, then concession in late fee will be allowed as per rule.
  7. For plan 903 and 904 : Waiver of interest of 20% subject to maximum of Rs.1500 under LIC’s Jeevan Arogya plan 903 and 904.
  8. Medical Reports are to be submitted as per existing underwriting rules.
  9. No concession in waiting period for health policies during this revival campaign.

To know more about other details you can read my earlier post: Special campaign for revival of lapsed policies of LIC of India

Anywhere revival of your lapsed LIC policy

Anywhere revival of your lapsed LIC policy

LIC, Life Insurance

Revival in very important process by which one can restart the risk cover in his/her lapsed policy by paying all the arrears of premium up to the date. But some times people are unable to revive their policy because, they are away from their servicing branch. This problem is mainly faced by service class people who have transferable jobs. To over come the problem faced by the policy holders, LIC of India in Feb, 2009 allowed the anywhere revival facility of some lapsed policies in any other branch through its circular CO/CRM/729/23 dated Feb 10, 2009. Policy coming under criteria mentioned below can be revived in any LIC branch in India.

Image Source: thehindubusinessline.com

Anywhere revival of lapsed policy without evidence of health with arrears of premium with interest

LIC policy holder can revive his/her policy in any branch of LIC if their policy fulfill any of these below mentioned criteria:

  • If premium in a policy have been paid for at least 5 years or more and revival is being done by paying arrears of premium with interest within 12 months from First unpaid premium(FUP) except few high risk plans like 94, 111, 150, 153, 164, 177 and 190. Policy holder must be 18 years or above on the date of revival.
  • Revival under pure endowment plan (21) and annuity plans like 96, 45, 116 and Jeevan Suraksha Plan 122 (without life cover)
  • Revival of policies during last 12 months before the date of maturity in endowment types of policies, except under money back policies
  • Revival of policy under free cover period under plans 87, 91, 128,192 if without Critical Illness (CI) rider.
  • Revival under auto cover period in plans 165, 17, 179, 184 and 185

Anywhere Revival of policies up to age 60 years on date of revival on basis of Declaration of Good Health (DGH) alone with arrears of premiums with interest

  • Anywhere revival of policies is allowed if done within 7th month of FUP and DGH received with 2 weeks after its called for(provided policy is issued on ordinary terms). If policy was earlier issued/revived with health/build extra then revival in other branch is not allowed.
  • Revival of polices between 12 months to 18 months from date of FUP provided premium have bee paid for 10 years or half of the term(whichever is more)
  • Revival of policies in last 12 months prior to the date of maturity in case of all type of money back plans.
  • Revival of endowment type of policies, if arrears of premium and interest is received with 12 to 24 months prior to date of maturity with satisfactory DGH.
  • Anywhere revival in these plans are not allowed: 88, 89, 94, 104, 105, 106, 107, 108, 109, 110, 111, 121, 129, 131, 133, 153, 160, 164, 177, 190 and plans with riders other than DAB.

Anywhere revival if policy docket images are available and can be seen in other branch

Revival of lapsed policy is allowed on the basis of full medical report (FMR) + DGH where other branch office are able to view images of policy docket. When other branch are able to see the original policy documents, then they can compare the measurements mentioned in proposal form with details in DGH and FMR submitted at the time of revival, thus able to revive the policy accurately with proper requirements and medical reports.

Anywhere Revival is not allowed under following cases

  • Anywhere revival is not available under term assurance plans like 94, 111, 150, 153, 164, 177, 190 and all the ULIP plans like 140, 172, 173, 180, 181, 187, 188, 191, 193 and 901.
  • Revival under any other scheme of revival like special revival, loan-cum-revival, SB-cum-revival, installment revival is not allowed.

Special revival campaign of LIC now extended

Special revival campaign of LIC now extended

Life Insurance

Special revival campaign of Life Insurance Corporation of India for revival of lapsed policy which was earlier launched from 01/09/2015 to 31/10/2015 has been extended up to 30/11/2015. This will help the policy holders to revive their policies with concession in late fee. During this campaign policy holders of Life Insurance Corporation of India will get the concession in late fee up to 30% and relaxation of some health requirements.

Also Read: Special Campaign For Revival Of Lapsed Policies Of LIC Of India

Policy Holders can revive their policy from any branch if the there is no health requirements other than DGH (Declaration of Good Health) of FMR (Full Medical Report). If there are any other health requirement then customer has to visit the servicing branch to revive the policy.

Image Source: 100gardensgrow.com

Individual Policies and Health Policies which are eligible for revival in this revival campaign

  1. Lapsed policies under all type of plans are eligible except Micro insurance Plans. ULIP policies under Plan 802,803,804,811 which are discontinued as per policy conditions are eligible for revival.
  2. Policies which are in lapsed condition for more than 6 months from FUP as on date of revival.
  3. Policies issued through all distribution channels.
  4. Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival.
  5. Policies under Plan 805 and 806 can be revived within 1 year from FUP.
  6. Revival of policies with FUP more than 5 years as on the date of revival will be done as per the rules. However such policies will be eligible for late fee concession.
  7. Policies under all types of Health plans are allowed under this revival campaign.
  8. Policies which are in lapsed condition for more than 15 days for Monthly mode/ECS mode and One month for policies with other than monthly mode, but less than 2 years from FUP as on 01.09.2015 will be eligible.

This is very good opportunity for policy holders, and must take benefit of this revival campaign