The LIC will offer a 20 per cent late fee concession up to Rs 2,000 if the total received premium is up to Rs 1 lakh. (Twitter)
Mumbai: Public sector behemoth Life Insurance Corporation of India (LIC) is launching a two-month special revival campaign, from Monday August 23 to October 22, for individuals to revive specific policies at concessional rates, excluding term insurance and high value covers.
"Under this Special Revival Campaign, policies of specific eligible plans can be revived within 5 years from date of the first unpaid premium subject to certain terms and conditions. High risk plans like term assurance and multiple risk policies are not eligible for the concession," said a statement from LIC.
"In view of the prevailing circumstances, concessions are being offered in late fee... There are no concessions on medical requirements. Eligible health and micro insurance plans also qualify for the concession in late fee," the insurer said.
The LIC will offer a 20 per cent late fee concession up to Rs 2,000 if the total received premium is up to Rs 1 lakh. For policies with total receivable premium of Rs 1 lakh to Rs 3 lakh, a 25 per cent concession in late fee will be given with maximum concession of Rs 2,500. For policies in which a premium of Rs 3.01 lakh and above is paid, the late fee concession would be 30 per cent, or up to Rs 3,000.
Policies which are in a lapsed condition are eligible to be revived in this campaign.