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LIC Lapsed Policy Revival Scheme: If you are a policy holder of the country’s largest and oldest life insurance company i.e. Life Insurance Corporation of India and if any of your old policies have lapsed, then this news is of your use. LIC is giving its policyholder a great opportunity to revive the old policy even once. For this, LIC has launched Lapsed Policy Revival Scheme 2022. In this scheme, except ULIP (Unit Linked Insurance Plan), all other types of policies can be revived. In such a situation, customers will not get the benefit of this scheme in health insurance plan, term insurance plan, multiple risk policy.
When can the policy be revived?
LIC has given time from August 17 to October 24 to restart the policy. If any of your old policy has been discontinued due to non-payment of premium, then you have to deposit the late fee along with the outstanding premium to revive that policy. Let us tell you that under this scheme, LIC is giving a discount of up to 30% in the late fee to the policy holders. In such a situation, how much discount you will get in late fees depends on what is your policy type and how much premium is outstanding on it.
These conditions have to be fulfilled-
- In this scheme, you cannot renew ULIP and High Risk Policy.
- To take advantage of this scheme, you have to submit the revival form from 17 September 2022 to 24 October.
- In the revival form (LIC Policy Revival Form), the policyholder will have to share all the information related to his health. For this you have to fill a form.
- If you are renewing it within 6 months of the policy lapse, then you will not have to provide any kind of health statement for this.
There will be such a discount on late fees
If your premium is up to Rs 1 lakh, then you will get 20 percent late fee or a maximum rebate of up to Rs 2,000.
You will get a discount of up to 25 percent or a maximum discount of Rs 2,500 on premiums ranging from Rs 1 to 3 lakh.
On the other hand, on premium of more than Rs 3 lakh, you will get a discount of up to 30 percent or maximum up to Rs 3,000 on late fees.
When does the policy lapse?
While buying a policy, every policyholder decides whether he will pay the premium of the policy on an annual, 6 months, 3 month or monthly basis. In such a situation, if it is not done within the stipulated time of premium payment, then the policy lapses. LIC gives a grace period of 30 days to the policyholder for annual, 6 months and three months premium and 15 days for monthly.
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